Highway and bridge rebuilds part of Obama’s US$4bn plans for infrastructure works

In his new budget on Wednesday 10 April, 2013, US president Barack Obama is due to reveal details of a proposed US$4 billion loans and grants investment in America’s roads, bridges and other infrastructure. During a visit to Port Miami, which is undergoing a $2 billion upgrade and tunnel project, the president also repeated a call for a $10 billion "infrastructure bank" to attract investment for projects that will have the greatest impact on the economy. The Obama administration is proposing tax breaks for
April 3, 2013 Read time: 1 min
In his new budget on Wednesday 10 April, 2013, US president Barack Obama is due to reveal details of a proposed US$4 billion loans and grants investment in America’s roads, bridges and other infrastructure.

During a visit to Port Miami, which is undergoing a $2 billion upgrade and tunnel project, the president also repeated a call for a $10 billion "infrastructure bank" to attract investment for projects that will have the greatest impact on the economy.

The Obama administration is proposing tax breaks for foreign pension funds that invest in US infrastructure, and bonds designed to attract investors in larger projects.

According to the president, employment of construction workers for infrastructure projects will increase the nation's competitiveness and reduce jobless rate.

Related Content

  • Saudi Arabia’s growth and infrastructure investment
    August 28, 2013
    Of all the fast-growing economies of the Arabian Gulf region, Saudi Arabia is by far the largest in terms of population and gross national product. Due to rising oil prices and increased foreign investments, Saudi Arabia's national economy has grown exponentially over the last ten years - having doubled in size since 2002 to $481.6bn. With a surface area of 2,150,000km2 (roughly equivalent to one quarter of the surface area of the continental United States), Saudi Arabia has a much greater need for high
    Read More
  • A new tunnel project for Turkey is a significant move
    December 12, 2012
    The European Bank for Reconstruction and Development (EBRD) is supplying a finance package worth US$150 million for the new Bosphorus crossing project in Turkey. Running under the Bosphorus at Istanbul, the new tunnel will connect both European and Asian sides of the city. The EBRD’s $150 million loan completes $1.4 billion worth of financing required for the Eurasia Tunnel project, being built under the Bosphorus straits. Other components of the $1.4 billion financing package for this PPP project include a
    Read More
  • Japanese funding will help Kenyan infrastructure projects
    May 15, 2014
    Major investment in Kenya’s infrastructure from Japan will help boost the country’s transport connections and develop its economy. One of the key links for Kenya to benefit has been the Nairobi Western Ring Roads Project, which was recently opened to traffic Named the Cotton Road after a Japanese engineer, this new road will help tackle the Kenyan capital’s endemic congestion problems. Endless traffic jams have become the norm in Nairobi, not only impacting negatively on the health and productivity of r
    Read More
  • Goldman Sachs buys into infrastructure business Essel Highways
    August 16, 2016
    A consortium of investors led by Goldman Sachs has agreed to invest US$220 million in Essel Highways, part of the Essel Group. This is the US private investment firm’s first foray into India’s road infrastructure market, according to India’s financial media reports. Essel Highways, a subsidiary of Essel Infraprojects, constructs, develops and operates national and state highways. Essel Highways, set up in 2007, boasts road assets valued at around $2 billion. It has a road development portfolio of 1
    Read More

Highlighted Content