The Development Bank of Latin America has approved a US$200 million loan to support Trinidad and Tobago’s management, planning and investment of tourism infrastructure through better institutional and regulatory frameworks.
The funds, which will be managed by the Ministry of Finance in the twin island republic, will be used to support different ongoing institutional initiatives, such as the upgrade of the National Tourism Policy, the strategic plan for the Trinidad and Tobago’s Airports Authority and the development of a National Maritime Policy and Strategy.
Other initiatives, which will benefit from the loan funds includes the analysis to develop ports and logistics hub in the country, specifically in Port of Spain as well as the development and integration of the Port Community System in the ports’ logistic chain.
“We are working closely with the government of Trinidad and Tobago to support the implementation of its development plan that promotes the diversification of the country’s economy…”– Executive President of the Development Bank of Latin America, Luis Carranza
Additionally, the loan will fund initiatives to improve other tourism infrastructure linked to beaches, airports, connectivity between islands and access to sectors that are attractive to visitors.
In making the announcement, Luis Carranza, Executive President of the Development Bank of Latin America reports, “We are working closely with the government of Trinidad and Tobago to support the implementation of its development plan that promotes the diversification of the country’s economy through better levels of productivity, better infrastructure, and the improvement of processes and regulatory frameworks.”
He made the point that these initiatives are done to optimise the maritime and air logistics of the country.
In the last three years (2017-2019) the bank approved US$800 million for Trinidad and Tobago, which represents an average of US$267 million per year.
In 2017 and 2018, the bank granted two sovereign loans to support public policy actions and reforms aimed to strengthening fiscal sustainability, improving tax administration, efficiency of public spending and public debt management.
In 2019 another loan was approved to enhance the development of the national road network.