CAF Pledges USD 200 million to Revamp Trinidad and Tobago’s Tourism Infrastructure

CAF—development bank of Latin America—approved a freely available loan of up to USD 200 million in favor of Trinidad and Tobago to support management, planning and investment of tourism infrastructure through improvements in the institutional and regulatory framework.

The funds will be managed by the Ministry of Finance, and will also support a number of institutional initiatives currently underway, such as the updating of the National Tourism Policy, the Trinidad and Tobago Airports Authority (AATT) strategic plan, the development of a National Maritime Policy and Strategy, the analysis to develop a port and logistics hub in Trinidad and Tobago, specifically in Port of Spain, and the development and integration of the Port Community System (PCS) in the logistics chains linked to the ports.

In addition, the loan is set to be used for actions to improve tourism infrastructure, including beaches, airports, connectivity between islands and access to tourist-attractive sectors.

“We are working closely with the government of Trinidad and Tobago to support the implementation of their development plan, particularly in relation to economic diversification and boosted productivity through improved infrastructure quality, plan upgrades, process improvements and regulatory frameworks to optimize the nation’s maritime and air logistics,” said CAF executive president Luis Carranza.

Over the last three years (2017-2019), CAF has approved operations for Trinidad and Tobago worth USD 800 million, for an average of USD 267 million a year. In 2017 and 2018, CAF granted two sovereign loans to support public policy actions and reforms aimed at strengthening fiscal sustainability, improving tax administration, efficiency of public spending and managing public debt. Another loan was approved in 2019 to enhance the national road network.