Cranes for unloading shipping containers stand in the Port of Los Angeles in San Pedro, California.
Patrick T. Fallon | Bloomberg | Getty Images
Investcorp, a Bahrain-based investment firm, is looking to invest in US roads and ports after US President Joe Biden proposed spending more than $ 2 trillion on infrastructure.
Biden will meet with non-partisan members of Congress to sell his infrastructure plan. The plan would bring money into the buildingBridges, airports, broadband, electric vehicles, housing and vocational training while the corporate tax rate rises.
Rishi Kapoor, co-managing director of Investcorp, said there appears to be “bipartisan acceptance” for upgrading the country’s infrastructure in the US.although there is disagreement about how the expenditure should be financed.
Still, the US should make up for the lack of infrastructure spending over the past decade, Kapoor told CNBC’s Capital Connection on Monday.
“The reality is that there has been a constant under-spending relative to the needs of the economy. Over the past decade there has been a decrease in spending of about $ 835 billion,” he said.
“We believe that now is really the time for both parties to accept and acknowledge that the US infrastructure needs both upgrading and catching up,” he added.
Investcorp announced an investment in US infrastructure on Monday. The company partners with private equity firm Trilantic North America to purchase RoadSafe Traffic Systems.
RoadSafe is a Chicago-based road safety company. The value of the transaction was not disclosed.
Kapoor said the deal could pave the way for Investcorp to invest in more U.S. infrastructure projects in the future.
“We want to build from here on a direct infrastructure that invests in ports and roads, as well as toll roads, utilities, etc. in the US,” he said.