Planning and Development Minister Pennelope Beckles, in her recent capacity as Governor on the Board of Governors of the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (IIC), is stating that Trinidad and Tobago stands to benefit from grant resources from the IDB valued at close to US $5 million. This is part of the Cabinet approved IDB Group Country Strategy with Trinidad and Tobago (2021-2025) and the 2022 pipeline of IDB National Technical Corporation Projects.
The Minister emphasises that this funding will have no financial strain on Trinidad and Tobago’s economy as it is in the form of technical support from the IDB for projects contributing to national development.
The Country Strategy provides the strategic framework for the Bank’s interventions in the country and supports the programming of resources, from the Bank’s various facilities, for both loan and technical cooperation grants.
The Technical Cooperation portfolio of the IDB contributes significantly to Trinidad and Tobago’s development agenda especially in the area of knowledge transfer of technical know-how and expertise.
The IDB is committed to building this portfolio and has identified twelve national technical cooperation projects for Trinidad and Tobago in 2022 based on Trinidad and Tobago’s national development goals as stated in the National Development Strategy: Vision 2030.
These include:
- Improving the Structure, Implementation and Performance of the IDB’s Portfolio in Trinidad and Tobago US$500,000.00
- Fast Pass: Scaling-Up Smart Technologies to Reduce Congestion US$650,000.00
- Promoting Business Productivity and Economic Diversification for Recovery US$650,000.00
- Smart Town Arima US$450,000.00
- Social insurance in the Caribbean: The Time has Come US$400,000.00
- Strengthening Integrated Coastal Zone Management (ICZM) public policy and governance in Trinidad and Tobago US$400,000.00
- Strengthening the Integrated National Early Warning System in Trinidad and Tobago US$400,000.00
- Low Carbon Initiatives in the Power and Transport sectors in Trinidad and Tobago US$350,000.00
- Support for Restructuring of the Export and Investment Architecture in Trinidad and Tobago US$300,000.00
- Enhancing Legal Education and Practice in Support of the Digital Transformation Agenda US$250,000.00
- Support to Civil Service Reforms for the Digital Transformation Agenda US$350,000.00
- Trinidad and Tobago Municipal Curb-side Recycling Programme (MCRP) Pilot US$250,000.00
In addition to these twelve grant funded projects, the Country Strategy also focuses on the Government’s main development priorities as outlined in the Roadmap to Recovery medium term policy, a key element of which is post pandemic recovery. Some of the key development areas of emphasis include digitization and digital transformation, renewable energy resources, health, enhancing the efficiency of public service delivery, education, reducing gender gaps among others.
Minister Beckles addressed the IDB’s 62nd Annual Board of Governors’ Meeting on March 28 and highlighted Trinidad and Tobago’s support for the Bank’s commitment to make 2022 the Year of the Caribbean. According to Minister Beckles, “We need the support of the Bank, now more than any other time in our development history and are excited for the innovative and bespoke solutions to address our unique needs.”
The Planning and Development Minister also congratulated her fellow Bank Governor for Jamaica, Minister Nigel Clarke, on assuming the position of Chairman of the Board of Governors of the IDB and the IIC. The Minister pledged her continued collaboration and that of the Trinidad and Tobago government on Caribbean issues.