US to invest $8.7B in communities adversely affected by COVID-19 pandemic

By Ovunc Kutlu

ANKARA (AA) - US Vice President Kamala Harris and Treasury Secretary Janet Yellen announced Tuesday that the Treasury Department will invest more than $8.7 billion in communities disproportionately impacted by the coronavirus pandemic.

The investment, which will be made through the Emergency Capital Investment Program (ECIP), aims to increase lending to small and minority-owned businesses, and low- and moderate-income consumers in underserved communities, including rural areas, the agency said in a statement.

"We know that the communities hurt most by COVID-19 have often been communities of color, and Treasury has implemented relief legislation with equity in mind," Yellen said in the statement.

The US states with the largest number of institutions being offered ECIP investments include Mississippi, Louisiana, North Carolina, California, and Texas, according to the statement.