US Seaports Benefit From Raise Grants Programme
Infrastructure funding has grown under the current Administration, however funding for seaports is squarely within this category.
According to Seatrade Maritime, at end June 2024, US seaports were the recipients of $48.4m in grants under the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) initiative. RAISE, in turn, is tied to the massive Bipartisan Infrastructure Law which was passed in late 2021 and totals $550bn over 2022- 2026.
The American Association of Port Authorities (AAPA) President said CEO Cary S Davis said: “These port infrastructure projects will reap significant benefits to our nation’s supply chains and potentially transformational impacts locally,”.
According to MARAD, it is anticipated that awards under the PIDP will be announced in November, 2024. Grants awarded in 2023 totaled in excess of $662m.