Newsom, Buttigieg announce $5 billion in loans to fix California's clogged ports
Not content to wait for Congress to pass a big infrastructure spending bill, Gov. Gavin Newsom and U.S. Transportation Secretary Pete Buttigieg moved on Thursday to inject $5 billion in loan money to help modernize California’s seaports.
“Our supply chains are being put to the test, with unprecedented consumer demand and pandemic-driven disruptions combining with the results of decades-long underinvestment in our infrastructure,” Buttigieg said in a statement. “Today’s announcement marks an innovative partnership with California that will help modernize our infrastructure, confront climate change, speed the movement of goods and grow our economy.
CalSTA said Thursday that the agreement “allows California to expedite work on a network of related projects — rather than using a piecemeal approach — that collectively will help grow the economy, improve the environment, facilitate the movement of imports and exports, and strengthen supply chain resilience throughout the U.S. and California’s critical trade corridors, including around San Pedro Bay and the Inland Empire.
This month, Newsom ordered state agencies to develop longer-term proposals to support port operations and movement of goods, to be considered for his January 2022 budget proposal.
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