US GOVERNMENT INAUGURATES A $ 220 MILLION MARITIME INVESTMENT PLAN

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Recently, Elaine L. Chao, the United States Department of Transportation (DoT) secretary announced the country’s award exceeding the US $220 million via elective grant allocation, designed to enhance port facilities across 16 states and territories. The enhancement program would commence via the Maritime Administration’s (MARAD) Port Infrastructure Development Program.

The DoT, in a statement, said that maritime ports are crucial links in the US domestic and international supply chain. The funding will aim to improve facility and freight infrastructure throughout the states.

Additionally, planning, operational, and capital financing would also be backed by the program, with project management assistance aiding in increasing port capacity and working efficiency.

Mark H. Buzby, the US Maritime Administrator said, “These grants will help our nation’s economy and ensure that America’s ports can continue to operate effectively in the competitive global marketplace.”

All these moves are well in line with a series of infrastructure investments which the US federal government aims to strengthen, revitalising the supply chain and economy.

“This $220 million in federal grants will improve America’s ports with nearly half the projects being located in Opportunity Zones, which were established to revitalise economically distressed communities,” said US Secretary of Transportation, Elaine L. Chao.

Inside the Projects:

The funding ranges from projects involving automated container handling technology to improving access for cruise passengers. The most notable one among them is the US Virgin Islands Crown Bay Terminal Improvements Project, which has been awarded a whopping $21,869,260. This is expected to finance the reconstruction and modernisation of cargo handling and storage infrastructure at the Crown Bay Terminal, including bulkhead rehabilitation, concrete apron restoration and reconstruction of three cargo storage areas.

In Ohio, the Port of Conneaut Connector received a funding of $19,527,640. This will be used in connecting truck and rail freight to the Port of Conneaut, a Great Lakes deep-water port on the shores of Lake Erie.

Other ports that received funding are those of Virginia, Alaska, Florida and Los Angeles.

Posted in General by Ankur Kundu on Nov 02, 2020 at 09:08.