TRINIDAD and Tobago will receive a US$200 million loan from the CAF-Development Bank of Latin America to help with the country’s tourism infrastructure.
The loan will be to support the management, planning and investment of the country’s tourism infrastructure through better institutional and regulatory frameworks, according to a release from the CAF-Development Bank of Latin America on Tuesday.
The funds will be managed by the Ministry of Finance and will support different initiatives such as the upgrade of the National Tourism Policy, the strategic plan for the Trinidad and Tobago’s Airports Authority, the development of a National Maritime Policy and Strategy, the analysis to develop ports and logistics hub in the country, specifically in Port-of-Spain and the development and integration of the Port Community System (PCS) in the ports’ logistic chain.
The loan also includes actions to improve other tourism infrastructure linked to beaches, airports, connectivity between islands and access to sectors that are attractive to visitors.
CAF Executive President Luis Carranza said, “We are working closely with the government of Trinidad and Tobago to support the implementation of its development plan that promotes the diversification of the country’s economy through better levels of productivity, better infrastructure, and the improvement of processes and regulatory frameworks to optimize the maritime and air logistics of the country.”
In the last three years, CAF approved US$800 million for Trinidad and Tobago which represents an average of US$267 million per year. In 2017 and 2018, CAF granted two sovereign loans to support public policy actions and reforms aimed at strengthening fiscal sustainability, improve tax administration and efficiency of public spending and public debt management. In 2019 another loan was approved to enhance the development of the national road network.
