Implementation of the funding in the 2023 appropriations bill will improve individual prosperity and well-being and strengthen economic and national security, Assistant Secretary of Commerce for Economic Development Alejandra Castillo said.
She spoke on behalf of the U.S. Economic Development Administration, saying the appropriations act will enable the U.S. to be the global leader in the industries of the future and increase economic equity across the country, according to a Dec. 30, 2022, news release.
“I am thrilled that President Biden has signed the Consolidated Appropriations Act 2023 into law, appropriating $1.6 billion to the U.S. Economic Development Administration for fiscal year 2023 programming,” Castillo said, according to the release.
She said the EDA was grateful Congress places its confidence in the agency as it works to serve grantees and their constituents across the country, the release reported. The EDA will continue to build on its proud and impactful legacy of spurring equitable, place-based economic development.
“Working closely with an expanded network of stakeholders, we look forward to developing the most beneficial programs and making the targeted and transformational investments that build needed capacity and that enable exponential, long-term growth,” Castillo said, according to the release.
The EDA will lead the nation through the design and execution of innovative economic development programs, she said, the release reported. It is committed to the promotion of innovation, cultivation of entrepreneurship and helping to build a well-qualified workforce. These efforts will enable its partners to be agile, resilient and competitive in the global marketplace, she said.
