Monday, July 19, 2010
NADBank approves $161 million loan to Sonora, Mexico
The North American Development Bank is financing a major paving program in the Mexican state of Sonora.
The board of directors of the Border Environment Cooperation Commission and the North American Development Bank (NADBank) approved the $161.7 million loan package to Sonora. The government of Sonora will use the loan to implement an air quality and paving project that will benefit 56 municipalities along the border in the northern region of the Mexican state.
The program involves paving 53.8 million square feet of existing roadways and includes the construction of storm drainage and, if necessary, the rehabilitation of water and wastewater lines.
The loan will cover up to 85 percent of the project’s costs, with the government of Sonora kicking in the rest.
“The proceeds from this loan will be a tremendous help in reducing the current paving backlog in border communities in Sonora,” says NADBank Managing Director Jorge C. Garcés. “We feel fortunate to be able to partner with the Government of Sonora to provide a cleaner, healthier environment for the more than 1.4 million people living in the region.”
NADBank is a San Antonio-based financial institution established and capitalizes in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along the common border.
Read more: NADBank approves $161 million loan to Sonora, Mexico – San Antonio Business Journal