In T&T: US$130m in IDB loans for Govt

15 December 2011


Help is on the way! Post CL Financial environment definitely calls for need to “strengthen the supervisory and regulatory framework in the financial sector.”

Acting Minister of Finance Vasant Bharath and the Inter-American Development Bank’s representative Iwan Sewberath Misser yesterday signed two loan agreements for a total of US$130 million.

These comprise US$80 million in support of climate change policy, legislative and institutional reform and similarly US$50 million to ensure strengthening of the financial sector. The Ministry of Finance will be the agency responsible for the execution of both projects.

The loans are for a 20-year term, with a four-year grace period respectively, at a variable interest rate, the ministry said in a statement.

With regard to climate change, this loan will facilitate the incorporation of the impact of climate change considerations into national policies and institutions and promote carbon markets and policies to reduce greenhouse gas emissions.

The financial sector loan will strengthen the supervisory and regulatory framework in the financial sector. This is not only critical for Trinidad and Tobago but highly relevant at the regional level given the importance of and the linkages with as a regional financial centre to the English-speaking Caribbean, the ministry said.

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