Former presidents Bill Clinton and George Bush are establishing a fund to help Texas and Louisiana communities hard-hit by this month's hurricanes recover.

The Bush-Clinton Coastal Recovery Fund was announced Wednesday in New York.

According to a news release, former Secretary of State James Baker will oversee about 40 business and civic leaders from the affected region to help raise money for long-term recovery projects.

Bush and Clinton worked together previously, helping raise funds for relief work after the 2004 southeast Asia tsunami and Hurricane Katrina, in 2005.

The fund says it won't make grants to individuals or families but will work with officials in hardest-hit areas to identify and fund important infrastructure projects.