PORT OF SPAIN, Trinidad and Tobago – The Government of Trinidad and Tobago signed two loan agreements with a combined total of US$150 million with the Inter-American Development Bank (IDB) to improve housing conditions, invest in urban transformation and respond to the impact of COVID-19.
A US$50 million investment loan will support the enhancement of living conditions for low-income households and invest in urban spaces as part of a strategy to foster more sustainable development.
The Urban Upgrading and Revitalization Program is expected to directly enhance the living conditions of at least 4,000 households, support urban renewal on both islands, utilize green-building technologies for utility savings and address the medium-term housing and urban development needs of the country. Another element will see low-income households being linked with potential private finance opportunities to better their housing conditions.
The Program will be executed by the Ministry of Housing and Urban Development’s Programme Monitoring, Coordinating and Evaluation Unit and will support their commitment to reduce the qualitative and quantitative housing deficits and revitalize urban centres.
The second loan is a policy-based loan valued at US$100 million titled Programme to Strengthen Fiscal Policy and Management in Response to the Health and Economic Crisis Caused by COVID-19 In Trinidad and Tobago.
This intervention will aid the Government’s ongoing efforts by supporting their health response to the pandemic through additional hiring of health personnel and purchasing of medical equipment; strengthening fiscal policy measures to protect vulnerable households and increase liquidity for businesses; and promoting economic and fiscal recovery in the post-pandemic period.
This second operation will be executed by the Ministry of Planning and Development who will have close coordination with the Ministry of Finance and other relevant ministries and agencies in relation to the policy measures under the loan.
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.