Over $20 billion needed for Water Infrastructure Projects. Corps Chief Calls for Private Investment.
Photo credit: The U.S. Army / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)
The U.S. Army Corp of Engineers have set out to repair the country’s water infrastructure and are calling for private-sector investments.
According to the head of the Corps of Engineers, Lt. Gen. Thomas Bostick, the federal government simply does not have the resources to deal with the matter at hand. He estimates that the Corps will need about $23.5 billion to finish all projects, scheduled to start this year. The funding gap, he says, is quite large, as the government has only $1.5 billion to invest into infrastructure enhancement projects for 2014.
The Corps are currently looking to set long-term contracts with private investors, which will both assist the government and, somehow, bring profit to the sponsors in the future.
For more information, read the full article at Construction.com.