Caption: Minister of Finance Colm Imbert, right with CAF’s Director Representative for T&T Bernardo Requena. Photo: Ministry of Finance
PORT OF SPAIN – Trinidad and Tobago has signed a US$35 million loan with the Development Bank of Latin America and the Caribbean (CAF) that will allow more than a 100 small and medium enterprises (SMEs) here to receive a significant boost in financing to grow their operations and expand into new markets.
“This collaboration with CAF will allow the EXIMBANK (Export Import Bank of Trinidad and Tobago) to expand its support to SMEs, equipping them with the financial tools needed to grow their operations and contribute to the national economy. Our goal is to create an environment where small and medium enterprises can thrive, and this initiative is a major step in that direction,” said Finance Minister Colm Imbert.
CAF’s Director Representative for Trinidad and Tobago, Bernardo Requena, said the collaboration will be transformative, noting that SMEs are the backbone of economies, and by providing the resources and financial tools they need to thrive, “we are supporting their growth and broader economic development.
“This partnership is aligned with CAF’s mission to build resilient, innovative and sustainable economies across Latin America and the Caribbean through agile and flexible financing options,” he added.
The loan will be used to strengthen the EXIMBANK’s services to cater to a broader range of clients, particularly SMEs.
The Ministry of Finance said the credit facility will secure US$35 million in additional funding to expand EXIMBANK’s financial services and support to SMEs and emerging sectors and position them to better compete in local, regional and international markets.
“This initiative is tied to EXIMBANK’s 2022-2026 Strategic Plan and focuses on increasing access to credit and innovative financial solutions for SMEs across focused sectors including the creative industries, ICT, and renewable energy.
“The financing will help businesses invest in plant upgrades, digital transformation and technology deployment, as well as product quality improvements to position them for export growth and long-term sustainability,” the ministry said, adding that the operation will increase the capacity of 100 SMEs to innovate, expand, and enter new markets. (CMC)
