Texas to approve up to $3.9bn in funding for water projects

Texas Water Development Board (TWDB) in the US is scheduled to hold a meeting to consider approval of funding worth $3.9bn from the State Water Implementation Fund for Texas (SWIFT).

TWDB will be reviewing 21 applications and will consider approving approximately $1bn in projects for the first year.

The remaining funds will be allocated over the next decade.

SWIFT will offer flexible financing options to the applicants, which will involve provision for board participation, low-interest loans, and deferred loans for projects in the state water plan.

The approved contenders will also be allowed to apply for multi-year commitments as water projects can take a lot of time for designing, construction, and implementation.

Applicants for the funding have requested financial backing for 32 projects identified according to the state water plan.

SWIFT will be evaluating projects, including transmission pipelines, canal linings, capacity expansions, seawater desalination, leak detection systems, water meter replacements, and reservoirs.

Approval considerations will be given for water conservation, agricultural, and rural projects, TWDB said.

Loans to be approved for the projects under SWIFT financing are expected to be closed in late 2015.

The US state established SWIFT in 2013 to fund projects under the state water plan.