The Government of the Republic of Trinidad and Tobago agrees to the conditions of technical cooperation to the monetary worth of one million, five hundred thousand United States dollars (US$1,500,000) from the Inter-American Development Bank’s contingent recovery financing technical cooperation for the Port Authority of Trinidad and Tobago.
Hyatt Regency, Tuesday 18 April, 2023, Minister of Planning and Development, the Hon. Pennelope Beckles, signed on behalf of the Government of the Republic of Trinidad and Tobago (GoRTT) a Letter of Agreement from the Inter-American Development Bank. There to witness the signing was Minister of Works and Transport, Senator the Honourable Rohan Sinanan as well as Minister of Public Administration Senator the Honourable Allyson West. The Letter of Agreement signing formalized the terms and conditions for a contingent recovery financing technical cooperation in accordance with the provisions set out in the Letter of Agreement. The project scope is estimated to cost US$1,500,000. Carina Cockburn, Representative of the Inter-American Development Bank presented the Letter of Agreement to be signed.
The purpose of the initiative is to provide support to the Government of the Republic of Trinidad and Tobago (GoRTT) in the structuring activities for a Public Private Partnership Project (PPP) for the Cargo Handling Operations of the Port Authority of Trinidad and Tobago (PATT), where the Port of Port of Spain (PPOS) is the first and major multi-purpose port of the country, strategically located at the crossroads of major trade links via the Panama Canal.
The Technical Cooperation will finance the following activities: (i) finalizing feasibility studies (technical, financial, legal) to design the best model and define the framework for bidders to present their proposals; (ii) final financial, technical, and legal structure, draft PPP contract, and bidding documents; and (iii) support to the GoRTT in the bidding process until the commercial close (signature of the PPP contract).
The Government’s objective is to upgrade Port of Port of Spain’s (PPOS) infrastructure through private investments to enhance the competitiveness of and catch up with their regional competitors. The project feasibility studies under the proposed Project Preparation and Structuring Activities (PPSA) will support the government in the structuring process for a potential Public Private Partnership (PPP) for the Cargo Handling Operations of the PPOS. The ultimate goal of the Project is to promote Trinidad and Tobago’s economic growth and development by improving port efficiency and competitiveness in the country through a PPP in line with the National Development Strategy (Vision 2030) 2016-2030, “Improving Productivity through Quality Infrastructure and Transportation.