El Paso Electric announced a $20 million economic development initiative for southern New Mexico on Monday. The effort will provide grants for projects focused on job creation, and support businesses that will contribute to economic growth, according to a release.

Eligible projects must be located in El Paso Electric's New Mexico service territory. The fund will be administered by the Community Foundation of Southern New Mexico, and will provide an annual total of $1 million for the next two decades, according to the release.

The fund will be governed by three advisors:

• Ed Camden – the chief operating officer at Calstrip Industries Inc., a steel and aluminum processor and distributor with presence along the U.S.-Mexico border. Camden has served as the President of the Border Industrial Association.
• John Hummer — the cofounder, executive board director and president of the Burrell College of Osteopathic Medicine.
• Jerean Camuñez Hutchinson — Owner of La Posta de Mesilla and Hacienda de Mesilla.

The fund advisors will have staggered four-year terms, and will host two public meetings per year to receive and consider economic development program proposals. Public meetings will be announced at least 30 days in advance, according to the release.

“The entire Board of Directors and team of the Community Foundation of Southern New Mexico is honored to be a collaborative partner in this grant making,” said Community Foundation of Southern New Mexico President and CEO Terra Winter in a statement. “Economic stability and increased vibrancy is imperative for all southern New Mexico residents. As we step into 2021, we know these funds will impact job creation and spark growth while allowing our foundation to open itself up to a 6th cycle of impact grant making.”