Sep092014
Posted at 4:07 PM
Today, U.S. Secretary of Commerce Penny Pritzker discussed the Administration’s efforts to “Build America” at the Infrastructure Investment Summit hosted by the U.S. Departments of Treasury and Transportation. The Summit brought together senior Administration officials and more than 100 leaders from industry, finance, philanthropy, and local and state governments to highlight the urgent need to invest in our country’s infrastructure, build public-private partnerships, and develop strategies for increasing investment in sectors like transportation, water, telecommunications, and energy.
During her address, Secretary Pritzker described the central role the Department of Commerce is playing in expanding infrastructure investments and facilitating connections between government, investors, and local leaders.
The Secretary outlined several of the ways the Department is taking the lead. First is through SelectUSA, the first-ever government-wide program designed to attract and retain investment in the United States, which works to connect current and potential investors with local communities interested in attracting infrastructure investment.
Second is the work of the National Telecommunications and Information Administration (NTIA), which has strengthened our digital infrastructure though more than $4 billion in grants since 2009 to increase broadband access to underserved communities in all 50 states and the District of Columbia.
Last is the effort of the Department’s Economic Development Administration (EDA), which helps communities across America rehabilitate their infrastructure after disasters and attract capital for new public works projects.
The Obama Administration and other stakeholders announced a series of investments and commitments as a result of the summit, including a $950 million loan for the Orlando, Florida, I-4 Ultimate highway project given by the U.S. Department of Transportation. This represents the largest loan ever completed for a public-private partnership from the Transportation Infrastructure Finance and Innovation Act program. In addition, the U.S. Department of Agriculture committed $518 million in loans for electricity infrastructure.
For their part, global investment and advisory firms, dedicated infrastructure investors, international asset managers, utilities and construction companies, and pension funds collectively committed to deploying more than $50 billion for projected private capital investment in the U.S. infrastructure market over the next five years.
The diversity of financial players gathered at today’s Summit is evidence of the growing momentum of the U.S. infrastructure sector – and the enormous potential that leaders in the U.S. and global finance see in the local markets.
