$441,250 awarded to aid economic recovery efforts in the wake of 2018 typhoons
WASHINGTON, D.C.—The International Economic Development Council, a leading international association for professional economic developers, has received a $353,000 grant from the U.S. Economic Development Administration to support economic recovery and resiliency efforts in the CNMI.
IEDC will also contribute $88,250, boosting the investment in the recovery efforts to $441,250.
Following the devastating effects of Typhoon Mangkhut and Super Typhoon Yutu in late 2018, the Trump administration’s declared a state of emergency and authorized funds to be allocated to recovery efforts. In February 2019, the administration amended to the declaration to release additional funds for public assistance, hazard mitigation, and other needs assistance.
The EDA grant will be used to assess the Commonwealth’s public utility infrastructure and emergency service restoration plans on the islands of Rota, Tinian, and Saipan, as well as assist in business retention, expansion, and attraction efforts. IEDC’s efforts began on April 4, and will extend through March 31, 2021.
“IEDC stand shoulder to shoulder with the people Commonwealth of the Northern Mariana Islands as we work together to lift the local economy back on its feet and more resilient than ever,” said IEDC president and chief executive officer Jeffrey A. Finkle. “We greatly value our longstanding successful partnership with the EDA, whose vital support has improved post-disaster conditions on the ground for hundreds of communities while positively impacting countless lives.”
“EDA is uniquely positioned to coordinate regional disaster recovery efforts and one of the strongest and most vital partnerships we have in these endeavors is our partnership with IEDC,” said U.S. Assistant Secretary of Commerce for Economic Development Dr. John Fleming. “Our work in the Northern Mariana Islands will provide critical technical assistance that will help support the growth of the business community and boost locally-driven disaster resilience efforts.”
In response to the increase in disasters, IEDC has developed a program of disaster preparedness and post-disaster economic recovery directed at economic development organizations, chambers of commerce, local business and trade organizations, and other economic recovery stakeholders. (PR)