Government and IDB working together for more innovative financing solutions in T&T

The Honourable Camille Robinson-Regis, Minister of Planning and Development is announcing that the Inter-American Development Bank (IDB) is willing to pursue more innovative financing solutions to help Trinidad and Tobago fund pipeline projects such as the National Roads and Highways Programme.  Managing the current fiscal situation and the country’s debt are key items on the Government’s agenda aimed at taking Trinidad and Tobago safely through the current economic challenges facing the region and the world.  There are a number of other national projects considered transformational and a major part of Trinidad and Tobago’s National Development Strategy, Vision 2030 where the issue of funding will feature prominently.

This was raised during a bi-lateral meeting with IDB President Jose Luis Moreno and senior IDB officials where key matters relating to Trinidad and Tobago were discussed.  The Seventh Pre-Annual Meeting of the Governors of the Caribbean Country Department of the Inter-American Development Bank (IDB) is currently taking place in Kingston, Jamaica, during the period February 26 - 27, 2018, and Minister Robinson-Regis is Trinidad and Tobago’s Governor on the Board of Governors of the IDB. 

The Ministry of Planning and Development, the nation’s focal point for the IDB, has streamlined the IDB portfolio which has resulted in increased disbursement within the portfolio amounting to US$100 million last year.  Trinidad and Tobago remains committed to its Multilateral Investment Fund (MIF) contributions in which T&T pledged US$3 million to the third replenishment of the MIF.  The MIF is an independent fund administered by the Inter-American Development Bank (IDB), created in 1993 to support private sector development in Latin America and the Caribbean. 

Minister Robinson-Regis also stated that the image of the bank has improved and the Government looks forward to close collaboration towards the development of the Trinidad and Tobago, especially given that the IDB’s International Investment Cooperation’s (IIC) Hub is located in Trinidad and Tobago.  IDB President Jose Luis Moreno expressed continued support to the country and remains committed to working with the private sector for the successful execution of the IIC Hub.  The Inter-American Investment Corporation (IIC) is a member of the IDB Group. It is the only multilateral institution that has an exclusive focus on providing direct and indirect financing to small and medium-sized enterprises in Latin America and the Caribbean. It is legally independent from the IDB Group, with its own management and resources.  The IIC’s Hub was established in Trinidad and Tobago in 2017.

Global business leader, Sir Richard Branson, the President of the IDB and Minister Robinson-Regis in collaboration with the other Governors were part of a panel in the session #JumpCaribbean on the meeting’s agenda. This session was focused on dealing with the imperative to act now to put the Caribbean on a path to fully benefit from the global digital revolution. The discussion pinpointed on the 'why' and the 'what' needed to fast forward the Caribbean on this track.