An $840m Transportation Infrastructure Finance and Innovation Act (TIFIA) loan for the Grand Parkway Project in greater Houston, Texas has been announced by US Transportation Secretary Anthony Foxx.

The $2.5bn project will improve safety, in addition to adding highway capacity in the region.

The Grand Parkway Project will include a four-lane, 55-mile toll road in northwest Harris County and southeast Montgomery County.

"These improvements will help the region’s mobility needs."

Secretary Foxx said: "The Grand Parkway Project is just the latest example of how the Department of Transport is using innovative programmes like TIFIA to help states and cities pursue their transportation priorities."

The loan under TIFIA will be spent on the design and construction of specific sections of the project.

US Federal Highway Administration deputy administrator Greg Nadeau said: "Houston continues to grow, and these improvements will help the region’s mobility needs and further strengthen the region’s economy."

The Grand Parkway Project is part of the broader Grand Parkway System, a planned 184-mile highway that passes through seven counties and encircles the greater Houston metropolitan area from State Highway 146 in Galveston County to State Highway 146 in Baytown.

The improvements will address the traffic demands in the region that has seen significant population growth over the last few decades.

TIFIA offers federal credit assistance in the form of direct loans, loan guarantees, and standby lines of credit to finance surface transportation projects.