US$200 million to improve road network in Trinidad and Tobago
The CAF loan will help foster the development of the national road network through maintenance, management, planning and improvement of existing infrastructure.
CAF—development bank of Latin America—approved a US$200-million loan for Trinidad and Tobago, in order to support comprehensive interventions for development, maintenance, management and planning developed by the Ministry of Works and Transport (MOWT) to improve the nation’s road network.
The funds were earmarked for the Sector-Wide Approach Program for Road Development Support, with the MOWT also making efforts to strengthen regulatory frameworks, road safety and reduce congestion, through various activities, such as signalling, change in traffic regulations, camera systems or new traffic lights. Additionally, institutional strengthening will be performed in planning, particularly with the update of the National Transport Plan and the development of an action plan to control floods in urban areas.
“Quality of infrastructure and transport services are decisive factors to boost economic development, since they promote productivity and competitiveness. The upshot is that companies will grow and thrive, creating jobs and attracting investment, through by creating more opportunities for all,” said Luis Carranza, CAF executive president.
The program is in line with the National Development Strategy - Vision 2030, which aims to improve the quality of life of residents of Trinidad and Tobago. This support from CAF will help maintain the flow of resources needed to modernize road infrastructure in the island nation.
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