“This new port of entry will not only spur economic activity, but it will also improve the quality of life for the millions of Californians and Mexicans who frequently cross one of the busiest borders in the world,” said California Lt. Gov. Eleni Kounalakis.

On the California side, the $1-billion project has already secured $565 million in local, state and federal funding. The remainder is expected to be financed mostly through toll revenue.

On Mexico’s side, a first-phase investment of more than $186 million is under consideration to cover construction work and access roads, according to Roberto Velasco, director of North America with the Mexican Ministry of Foreign Affairs.