Salton City, Calif., Sept. 12, 2003 -- The North American Development Bank (NADB) signed financing agreements totaling $693,869 for the community of Desert Shores, California.
A $500,000 loan, made available through the Bank's Loan and Guaranty Program, and a $193,869 grant agreement, made available through the Bank's Border Environment Infrastructure Fund (BEIF), will help finance the wastewater collection system improvements project that is being undertaken by the Salton Community Services District.
"We are pleased to sign these financing agreements with the Salton Community Services District," stated Jorge C. Garcés, NADB Deputy Managing Director. "The improvements will be beneficial to the community of Desert Shores and another step forward in accomplishing our goal of helping develop a clean, healthy environment for the residents of the U.S.-Mexico border region."
The project, which has a total cost of $1.2 million, will replace portions of the existing wastewater collection system with high-density polyethylene (HDPE) pipes, which are more flexible than vitrified clay and less likely to crack from normal ground settlement pressures. Since the new lines will be installed at flatter slopes and shallower depths, the pumping infrastructure will also be simplified, which will significantly reduce maintenance requirements for the District.
Through its BEIF program, the NADB has approved more than US$470 million in EPA-funded grants to support the construction of environmental infrastructure in various communities, which will benefit residents on both sides of the U.S.-Mexico border. Since its inception in 1995, the NADB has approved US$617.5 million in loans and grants for 67 infrastructure projects in the border region.
For more information on the NADB, visit www.nadb.org.
The North American Development Bank, created under the auspices of NAFTA, is a financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along their common border. As a pioneer institution in its field, the Bank is working to develop integrated, sustainable and fiscally responsible projects with broad community support in a framework of close cooperation and coordination between Mexico and the United States.
