Bilateral talks with World Bank: Govt seeks US$5b to boost economy
T&T Express:
Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh has announced plans to secure up to US$5 billion in funding over the next three to five years to support private sector-led diversification initiatives under the Government’s economic revitalisation agenda.
According to a release yesterday from the Planning Ministry, Swaratsingh’s statement came during bilateral discussions which he hosted with the World Bank Group to further identify initiatives and areas where the World Bank Group, through all its financing windows, can support the Government of Trinidad and Tobago’s Economic Reset Agenda.
The World Bank Group made a four-day visit to Trinidad from Monday to Thursday.
The ministry stated that the agenda of the meeting was to reposition the Government as a facilitator and regulator, to energise private sector-led growth, expand non-energy revenue generation, and achieve fiscal resilience for the country.
According to the minister, the strategy undertaken by the Government involves the World Bank, the Inter-American Development Bank (IDB) and its International Financial Centres (IFCs) in tandem with Trinidad and Tobago’s private sector.
He explained that this initiative aims to change the traditional process of funding through international agencies being geared towards government programmes, budget support and government projects.
He added that IFC funds probably approximately US$60 billion globally in private projects, and said that the focus of these resources can be placed towards the private sector, to support deeper access to international agency-level funding.
The minister also highlighted new options becoming available, such as credit support through the Multilateral Investment Guarantee Agency (MIGA), adding that “instead of relying on a sovereign guarantee, assurances can be made to the private sector for projects.”
Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh has announced plans to secure up to US$5 billion in funding over the next three to five years to support private sector-led diversification initiatives under the Government’s economic revitalisation agenda.
According to a release yesterday from the Planning Ministry, Swaratsingh’s statement came during bilateral discussions which he hosted with the World Bank Group to further identify initiatives and areas where the World Bank Group, through all its financing windows, can support the Government of Trinidad and Tobago’s Economic Reset Agenda.
The World Bank Group made a four-day visit to Trinidad from Monday to Thursday.
The ministry stated that the agenda of the meeting was to reposition the Government as a facilitator and regulator, to energise private sector-led growth, expand non-energy revenue generation, and achieve fiscal resilience for the country.
According to the minister, the strategy undertaken by the Government involves the World Bank, the Inter-American Development Bank (IDB) and its International Financial Centres (IFCs) in tandem with Trinidad and Tobago’s private sector.
He explained that this initiative aims to change the traditional process of funding through international agencies being geared towards government programmes, budget support and government projects.
He added that IFC funds probably approximately US$60 billion globally in private projects, and said that the focus of these resources can be placed towards the private sector, to support deeper access to international agency-level funding.
The minister also highlighted new options becoming available, such as credit support through the Multilateral Investment Guarantee Agency (MIGA), adding that “instead of relying on a sovereign guarantee, assurances can be made to the private sector for projects.”
