T&T getting US$160M to help fund national projects

Trinidad & Tobago is getting US$160 million for the Inter American Development Bank for projects.

Acting Prime Minister Winston Dookeran said on Thursday two loans have already been approved. One for US$50 million will fund the country's social security system; another is for a waste water management system for WASA.

"Next Tuesday, going to the Board will be a third proposal of US$60 million for the purposes of energy policy initiatives and encouraging energy investments," Dookeran said. 

"So all told, I can announce to you today that we have been successful in negotiating US$160 million to help finance this 2011-2012 budget. 

"We have in the pipeline a number of other projects and by the end of this calendar year, I would anticipate that we would have got approval for US$235 million in order to support the efforts of the Government in this three areas as well as a few others that are in the pipeline," he said.

The minister said the rate of interest for the loans will be 1.3 per cent, noting that it will be reviewed each quarter. There will be a five and a half years grace period before repayment begins.

"The facility will become operational as soon as the work is done to have the money lodged in the Central Bank of Trinidad and Tobago," Dookeran stated.

"I say that only to give the country the assurance that we are putting the financial resources in place, we have negotiated the best financial package in the circumstances and as of now, we are ready to trigger the development process with this financing for largely the Public Sector Investment Programme."