PROVIDENCE – The Rhode Island Infrastructure Bank recently announced $32.5 million in low-interest loans for road and bridge projects in Providence, Warwick and Cumberland, hitting the $100 million mark in loans provided through its Municipal Road and Bridge Revolving Fund, according to a news release.
Since 2015, the program has offered below-market interest rate loans to 19 municipalities for local road and bridge improvement projects, supporting 1,100 local jobs for skilled laborers, the release stated.
The recently closed loans will deliver $2.6 million in savings to Providence, Warwick and Cumberland and create 332 jobs.
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Specific projects and loan amounts are:
- $20 million for Providence to fund a second phase of road and sidewalk improvements.
- $10 million to Warwick for design, construction and repair of sidewalks and streets.
- $2.5 million to Cumberland for town street paving.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@pbn.com.
