WASHINGTON (AP) — A bank that serves farmers and agribusiness is donating $10 billion to spur private investment in rural America.
The White House is announcing the money Thursday as part of a rural conference it is holding this week. Colorado-based CoBank is part of a network of banks that provides financing to agribusiness and rural areas.
Agriculture Secretary Tom Vilsack said he hopes private investors will follow with additional dollars for the fund, which will be managed by private partners. The Agriculture Department will help identify needed projects such as rural health care and educational facilities, water and wastewater systems, energy projects and broadband improvements.