WASHINGTON: US President Donald Trump today unveiled a massive $1.5 trillion plan to modernise America's infrastructure including $200 billion in federal funding Describing it as a most comprehensive infrastructure bill in the history of the US, Trump said the plan addresses more than traditional infrastructure - like roads, bridges and airports - such as drinking and wastewater systems, waterways, water resources, energy, rural infrastructure, public lands, veterans' hospitals and Brownfield and Superfund sites. "To help build a better future for all Americans, I ask the Congress to act soon on an infrastructure bill that will: stimulate at least $1.5 trillion in new investment over the next 10 years, shorten the process for approving projects to two years or less, address unmet rural infrastructure needs, empower State and local authorities and train the American workforce of the future," Trump said in a message to the Congress. $20 billion will be allocated to expanding infrastructure financing programmes. Of the $20 billion, $14 billion will go to expanding a number of existing credit programmes: TIFIA, WIFIA, RRIF and rural utility lending.While $6 billion will go to expanding Private Activity Bonds , $10 billion will go to a new Federal Capital Revolving Fund which will reduce inefficient leasing of Federal real property which would be more cost-effective to purchase.According to the White House, $50 billion of the $200 billion in direct Federal funding will be devoted to a new Rural Infrastructure Programme to rebuild and modernise infrastructure in rural America. "The bulk of the dollars in the Rural Infrastructure Programme will be allocated to State governors, giving States the flexibility to prioritise their communities' needs.

Source: Economic Times February 12, 2018 17:51 UTC