The Inter-American Development Bank has signed a US$150 million investment agreement with the Massy Group.
This investment is meant to facilitate Massy’s expansion and sustainable growth, strategically targeting food security, trade, and climate change.
According to the Managing Director and Chief Investment Officer of IDB Invest, Marisela Alvarenga, this long-term collaboration is about supporting people and tackling real issues facing the region.
“By joining forces with Massy, a leader deeply rooted in Trinidad and Tobago and the wider Caribbean, we are taking concrete steps to address the challenge head-on.”
Responsible for the Sustainable Development Goals, Public Sector Investment Programmes, and Social Sector Programmes, Minister of Planning and Development Pennelope Beckles-Robinson said increased private sector investments and expansions will lead to significant and sustainable benefits for the people of Trinidad and Tobago.
“Currently, the IDB Invest portfolio in Trinidad and Tobago includes five operations with companies such as Home Mortgage Bank, Trinidad and Tobago Mortgage Finance Company Limited, the Trinidad Tissues Limited; with today’s signed total value of this portfolio will rise to US$307 million.”
Highlighting their commitment to sustainable and inclusive growth, Massy’s Deputy Group Chief Executive Officer and Group Chief Financial Officer, James McLetchie, said this move will positively impact the Caribbean region.
“I think the simple way to think about this is quite honestly we believe that we can be a very high-impact organisation with our communities, our employees, our shareholders, and still be a high-performing company. There is no conflict in being a performing company and a major impactful contributor to society, and that is our plan.”
According to Integrated Retail Portfolio CEO at Massy, Ambikah Mongroo, this IDB investment facility represents more than financial capital. She said it is an investment in possibilities, people, technology, and infrastructure that will define the future of retail and distribution in the Caribbean.