The U.S. Department of Transportation has announced a funding of more than $662 million in Federal Fiscal Year (FY) 2023 for the development and modernization of the nation's ports.
The Department of Transportation's Maritime Administration (MARAD) has announced a Notice of Funding Opportunity (NOFO) making available the funding for MARAD's Port Infrastructure Development Program (PIDP).
The PIDP investment will modernize U.S. ports and help strengthen its supply chains for generations to come, helping to reduce shipping time, costs, and ultimately the costs of goods. The President's infrastructure package provides $450 million annually in funding for the Program.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.