Commerce Department Funds Feasibility Studies
July 9, 2010
Contact: John Atwood, (202) 482-4085
To Explore Expansion of Cross-Border Rail Trade with Mexico
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.2 million Economic Development Administration (EDA) grant to the State of New Mexico to help conduct feasibility studies to determine improvements in freight rail transportation, international trade and security, and time in transit of materials to and from Mexico.
"The American economy depends on a continuous flow of new technologies and new ideas entering the marketplace to keep us competitive," Locke said. "This EDA grant will help turn technical capabilities into commercial applications and create new businesses and jobs for the region."
The feasibility study includes environmental, engineering, and financial feasibility studies as well as analysis of existing laws/regulations to determine whether changes must be made for financing, developing, and constructing the proposed rail facilities. The work will mirror a similar separate effort in Mexico to assess the viability of the project on both sides of the border.
About the U.S. Economic Development Administration (www.eda.gov):
This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.