Texas invites applications for loans for water infrastructure development

Texas Water Development Board (TWDB) in the US has announced that it has started taking applications under the new State Water Implementation Fund for Texas (SWIFT) programme, which will provide low-interest loans to improve water infrastructure.

Agencies such as water-supply corporations, municipalities, counties, river authorities and established districts for groundwater conservation, irrigation and water control and improvement can apply for the funds under the SWIFT programme.

TWDB is likely to finance $800m worth of water projects every year for the next ten years.

The state water board invites applications untill 3 February 2015 and the closing date for the loans is expected to be done by late 2015.

SWIFT programme will use $2bn from the Rainy Day Fund created by the state to provide low-cost loans for water projects.

San Angelo mayor Dwain Morrison told sanangelolive.com: "Through the legislative session several years ago, working with both the Senate and the House of Representatives, and they were able to pull about $2bn out of the Rainy Day fund through a ballot initiative, so it could be used for water and water sources and for the all of the water needs of the state of Texas."

TWDB director Bech Bruun said: "Last week, on 6 Nov, our board adopted officially adopted the rules that will manage the SWIFT fund and make available billions of dollars in loans for water projects across the state.

"The one-time $2bn investment from the Rainy Day fund was made possible by the overwhelming passage of Proposition 6 last November, and will provide financial support in the form of low-cost, flexible, financing options for the next 50 years, ensuring water for all Texas until 2060."

Funds will probe provided to the local agencies for planning, acquisition, design and construction costs.