The CAF loan will be used for institutional strengthening, particularly updating plans, strategies and modernizing the regulatory framework of process management, such as updating laws related to land transport, developing a policy for the maritime sector, plan strategies for public transport and the air sector, quality systems, etc.
Additionally, they will tackle activities to improve the quality of infrastructure, with initiatives such as feasibility studies, modernization of roads, ports and airports, road maintenance, among others.
Renny López, Interim Executive President of CAF, said: “The quality of transport infrastructure and services are key factors to enhance economic development, productivity and competitiveness. This loan will support the process of improving services and the management of the transportation sector in Trinidad and Tobago and will offer competitive advantages to serve the market and provide better services to its citizens.”
In the last four years (2016-2020) the CAF has approved operations for Trinidad and Tobago totalling $1,151 million, which represents an average of $288 million per year. This instrument highlights a continuity of loan and technical assistance operations that began in 2019 to strengthen economic and social infrastructure in the country, with an emphasis on roads, air, maritime and tourism sectors, as well as resilience to natural disasters.