Vela announces NADB’s $200M COVID-19 temporary financing program

Texas Tribune CEO Evan Smith moderates a discussion with U.S. Rep. Filemon Vela, D-Brownsville, on Monday, Feb. 13, 2017. Vela, D-Brownsville, has represented Texas’ Congressional District 34 since 2013. In the 114th Congress, he sat on the House Agriculture and Homeland Security committees and served as co-chairman of the Congressional Border Caucus. Shelby Knowles for The Texas Tribune

U.S. Rep. Filemon Vela announced that the Board of Directors of the North American Development Bank (NADB) has approved a temporary financing program in response to the effects of the novel coronavirus pandemic.

The financing program aims to support projects that have both environmental benefits and a direct positive impact on the economy and well-being of the US-Mexico border region. 

“During these uncertain times, I am pleased with NADB’s efforts to support local project proposals that will benefit our region and environment,” said Vela.

Loan proposals that may qualify include hospital projects with green initiatives, schools seeking to upgrade their water treatment systems, and projects that supply and install efficient technologies. The temporary program, which will provide up to $200 million and include $15 million in technical assistance, will accept loan proposals on a rolling basis.