- Associated Press - Monday, March 9, 2015

FARMINGTON, N.M. (AP) - Navajo Nation officials hope to lure foreign investments by using a carrot provided by a federal immigration program.

The Daily Times (https://goo.gl/NumRD6 ) in Farmington, New Mexico, reports that an immigrant investor program known as EB-5 offers legal residency to foreign investors who start a new business or rescue an existing one in the United States, including on tribal lands.

Navajo Nation President Ben Shelly said using the EB-5 program could help create jobs and accelerate the tribe’s economy with outside investment.

Albert Damon is executive director of the Navajo Nation Division of Economic Development.

He said economic development on the Navajo Nation has been hampered by a lack of startup capital and that using the EB-5 program may help solve that.

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