AUSTIN, Texas — The U.S. Transportation Secretary Elaine L. Chao announced on Thursday the U.S. Department of Transportation's Build America Bureau will give a $46.94 million loan for a US 290 project.

The loan is a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan that will be given to the Central Texas Regional Mobility Authority (CTRMA) for the 290E Manor Expressway Phase III Project.

“This $46 million investment will help reduce congestion at a major intersection along US 290 Expressway, and will also improve reliability on this hurricane evacuation route,” said U.S. Secretary of Transportation Elaine L. Chao.

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According to a release by the Department of Transportation, the project will add three direct connectors to complement the single existing direct connector at the SH 130 interchange.

The release said the TIFIA loan will be repaid by with toll revenues from the project as well as from four other projects developed by the CTRMA.

According to the mobility authority, the project is set to be completed for 2020.

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