Raimondo, Magaziner Work to Jump Start Rhode Island's Economy
Infrastructure Bank Will Create Jobs, Spur Construction
PROVIDENCE, RI - Governor Gina Raimondo and General Treasurer Seth Magaziner Wednesday outlined their plan for the Rhode Island Infrastructure Bank (RIIB), an initiative that will put Rhode Islanders back to work, improve energy efficiency and make the state more economically competitive. The proposal is a part of the Governor's FY2016 Jobs Budget.
"My budget is rooted in the core belief that everyone who works hard should have a chance to make it in Rhode Island, and that is what this proposal is all about," said Raimondo. "We have an opportunity to rebuild Rhode Island's economy and reduce our dependency on energy. This is a smart policy that moves the state forward."
"Our state needs bold action and new ideas that will jump-start our economy and put Rhode Islanders back to work, and the Rhode Island Infrastructure Bank will do exactly that," said Treasurer Magaziner. "The RIIB will also help business owners, families and taxpayers save millions of dollars on utility costs and reduce our state's carbon footprint."
Consolidating new and existing programs at the Rhode Island Clean Water Finance Agency, the RIIB will serve as an expansion of the agency. It will be a centralized hub for existing and new green infrastructure financing initiatives, and focus on energy efficiency and renewable energy projects that will save residents, businesses and municipalities' money on their energy bills. The RIIB also will expand eligibility for storm water remediation lending to private entities and establish a revolving loan fund for Brownfields redevelopment.
(release from Governor's Office)