EDA awards $19.6 million to Finance for new Economic Resiliency Center

Governor Ralph DLG. Torres announced early Tuesday morning that the US Department of Commerce Economic Development Administration (EDA) awarded $19.6 million to the CNMI Department of Finance for the construction of a new Economic Resiliency Center.

The $19.6 million competitive grant award is one of the largest economic development grant awards to a state or territory in the history of the EDA.

“We are tremendously grateful to the EDA for their partnership as we continue to recover from the devastating effects of Super Typhoon Yutu in 2018,” said Governor Torres. “This new economic business center for the Department of Finance will enhance the CNMI’s ability to rebuild its economy in the long-term by creating a true one-stop shop concept, improving our current business processes, assisting small businesses, and serving as an incubator for the development of new industries to diversify our economy.”

“Our goal is to create jobs for our citizens, and this grant funding from EDA will certainly help us create these jobs and retain talent here on our islands. Special recognition to Secretary David Atalig and his team at Finance for seeing this project through. Un dangkulu na Si Yu’us Ma’ase yan Ghilisow for our community’s support as we create a stronger economy with this competitive grant award for years to come,” Governor Torres added.

“The management of the CNMI’s economy is undoubtedly a top priority for the Department of Finance. The Yutu experience, evidenced the importance to ensure disaster preparedness and quick recovery response.  I am so thankful for the U.S. Economic Development Administration for its partnership in rebuilding our economy and resiliency for our Commonwealth. This is truly a big win for the CNMI as we work to make it easier to do business in the Marianas,” said Secretary of Finance David DLG. Atalig.

This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019 (Pub. L. 116-20), which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program Program funds for disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions, and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act. Please visit EDA’s Disaster Supplemental webpage for more information.

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