U.S. Secretary of Commerce Announces $4.5 Million Investment to Puerto Rico

U.S. Commerce Secretary Don Evans today announced three economic development grants, totaling $4.5 million to Puerto Rico.

"The Department of Commerce is pleased to partner with the people of Puerto Rico. President Bush believes one way to create jobs is to grow the economy by encouraging investments in local communities," said Evans.

The investments are:

$3 million to the Municipality of Ponce Puerto Rico. The investment will help reconstruct, up-grade, and improve the container parking area at the Port of Ponce.

$1.5 million to the Puerto Rico Industrial Development Company. The investment will help redevelop 68 acres of land in six industrial lots located in the Municipality of Guayama.

The Commerce Department's Economic Development Administration (EDA) funded the grant. EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA partners with states, units of local government and community nonprofit organizations in economically distressed areas, regions and communities in order to alleviate conditions of poverty and substantial and persistent unemployment and underemployment.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.doc.gov/eda.

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