Sat | Jul 21, 2018

Trinidad gets CDB backing for US$436m country strategy

Published:Monday | March 13, 2017 | 12:33 PM

The Caribbean Development Bank (CDB) has agreed to a support package of more than US$430 million for Trinidad & Tobago to be distributed over five years under a new country strategy for the twin-island republic launched last week.

It comes amid a period of economic disruption in Trinidad, including the firing of the country’s central bank chief, and efforts to bolster the country’s foreign reserves.

“CDB recognises Trinidad and Tobago's potential for transformative economic and social development. Today marks the beginning of a focused five-year programme that has been strategically designed to support improvement of the country’s competitiveness, promote good governance, and drive environmental sustainability,” Patricia McKenzie, Vice-President of Operations of CDB, said at the March 9 launch of the strategy in Lowlands, Tobago.

The programme covers improved quality and access to education and training; strengthened social protection; increased productivity, competitiveness and economic diversification; improved evidence-based development planning and institutional development; and strengthened environmental management supported by safe and resilient infrastructure.

The development bank gets to sign-off on the projects and initiatives to be pursued under the programme, which includes components addressing gender equality, energy security and citizen security.

The programme is valued at US$436.7 million (TT$2.95 billion) and will span the years 2017 to 2021. Trinidad’s Minister of Planning and Development Camille Robinson-Regis said it includes loans and grants.