U.S. starting Rural Investment Fund

From the New York Times:

Wall Street is looking for ways to invest in America’s heartland, and the government is ready to play matchmaker.

The White House Rural Council will announce plans on Thursday to start a $10 billion investment fund that will give pension funds and large investors the opportunity to invest in agricultural projects. Those include wastewater systems, energy projects and infrastructure development in rural America.

“We’re the eHarmony.com of infrastructure and business investment,” the agriculture secretary, Tom Vilsack, said, referring to the online dating service.

“We’re going to be a connector,” he added. “This is a new role for the U.S. Department of Agriculture.”

The fund, called the Rural Infrastructure Opportunity Fund, will be backed by CoBank, a cooperative bank and a member of the Farm Credit System, a government-sponsored network of banks that lend to the agriculture industry. CoBank has committed the first $10 billion to the fund.

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