CAF Approves a USD 175 Million Loan to Modernize Transportation Infrastructure in Trinidad and Tobago
The loan will support management, planning, and investment aimed at promoting the modernization of infrastructure and quality transportation services, that will contribute to economic diversification and productivity gains.
CAF -Development Bank of Latin America- approved a USD 175 million loan in favor of Trinidad and Tobago, with the objective of modernizing transportation infrastructure, through actions related to the development of plans, regulatory and strategic changes, initiatives to modernize processes and investments in the sector.
The loan will be used for institutional strengthening, particularly updating plans, strategies and modernizing the regulatory framework of process management, such as updating laws related to land transport, developing a policy for the maritime sector, plan strategies for public transport and the air sector, quality systems, etc. Additionally, the credit will tackle activities to improve the quality of infrastructure, with initiatives such as feasibility studies, modernization of roads, ports and airports, road maintenance, among others.
“The quality of transport infrastructure and services are key factors to enhance economic development, productivity and competitiveness. This loan will support the process of improving services and the management of the transportation sector in Trinidad and Tobago and will offer competitive advantages to serve the market and provide better services to its citizens”, said Renny López, Interim Executive President of CAF.
In the last four years (2016-2020), CAF approved operations for Trinidad and Tobago totaling USD 1,151 million, which represents an average of USD 288 million per year. This instrument highlights a continuity of loan and technical assistance operations that began in 2019 to strengthen economic and social infrastructure in the country, with an emphasis on roads, air, maritime and tourism sectors, as well as resilience to natural disasters.
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