R.I. Infrastructure Bank closes $33M in road and bridge program loans

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.

 

- Advertisement -

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.

Purchase NowWant to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber.