Washington, DC (March 21, 2006) – Today, Congressman Rubén Hinojosa (TX-15) issued the following statement regarding the mutual decision between the U.S. Department of Treasury and the Mexican Government to no longer pursue closure of the North American Development Bank (NADB).

“The North American Development Bank was created as a key ingredient of the North American Free Trade Agreement to provide loans to communities for the improvement of infrastructure and economic development,” said Hinojosa.

“For years, it has provided millions of dollars in grants and loans to communities throughout the 15th District.  Its closure would have been disastrous for low- and very-low income communities to improve families’ overall quality of life. 

“I am pleased that the Department of Treasure and Mexican government have come to a mutual agreement not to close the bank.  By doing so, they have recognized the important work NADB has done, and continues to do for border communities,” he concluded.

Earlier this month, Congressman Hinojosa joined fellow members of Congress from border states in sending a letter to Treasury Secretary John Snow regarding the status of NADB and reports that there were plans to shut it down without Congressional consultation.  He also joined fellow members of the Congressional Hispanic Caucus expressing strong support for the Bank and encouraging Secretary Snow to meet with every member of Congress representing border districts before proceeding further on a decision.  NADB provides loans for environmental conservation, water conservation and wastewater projects in border communities. 

Since its inception, NADB has provided the 15th Congressional District with nearly $70 million in loans and grants for water conservation, wastewater and other environmental preservation projects.