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A residential area in Trinidad and Tobago's capital city of Port of Spain (Photo: World Nomads courtesy iStock/jaysunlp)

IDB loan to support TT urban upgrading programmme

A residential area in Trinidad and Tobago's capital city of Port of Spain (Photo: World Nomads courtesy iStock/jaysunlp)

The Inter-American Development Bank (IDB) yesterday approved US$50 million in loan resources to support Trinidad and Tobago’s efforts to improve the living conditions of low-income households and invest in urban spaces.

The funds will go directly to the Urban Upgrading and Revitalization Program and forms part of a strategy to foster more sustainable development.

According to the IDB, “The Urban Upgrading and Revitalization Program has four key components to fulfil its core objective. It will aim to improve the livability of urban settlements, boost urban renewal, enhance housing conditions of low-income households and work with key stakeholders to address the medium-term housing and sustainable urban development needs of the country.”

Similar to the previous operation completed in 2017, the program will be executed by the Ministry of Housing and Urban Development and their Programme Monitoring, Coordinating and Evaluation Unit. (Photo: advitamadvertising.com)

The fourth-successive IDB-sponsored housing and urban development operation in Trinidad and Tobago, the programme will now include several innovative elements. One such feature is the incorporation of green-building and infrastructure technologies that will enable adaptation to and mitigation of climate change.

On the matter of urban regeneration, the programme will promote the transformation of urban spaces with an emphasis on encouraging sustainable use and increasing their aesthetic attractiveness and resilience.

“It will aim to improve the livability of urban settlements, boost urban renewal, enhance housing conditions of low-income households and work with key stakeholders to address the medium-term housing and sustainable urban development needs of the country.”

— Inter-American Development Bank

“Another element will see low-income households being linked with potential private finance opportunities to better their housing conditions,” the IDB release stated.

The hemispheric bank will be working with Trinidad and Tobago’s Ministry of Housing and Urban Development, and its Programme Monitoring, Coordinating and Evaluation Unit, to execute the programme, similar to the previous operation completed in 2017.

An aerial view of Port of Spain Trinidad and Tobago. (Photo: london.ac.uk)

The Urban Upgrading and Revitalization Program will span a period of six years; however, the repayment term will be twenty-four years with a grace period of six and a half years and an interest rate based on LIBOR.