DEVELOPMENT is what the Inter-American Development Bank (IDB) is all about. Established in 1959, the bank works to improve lives in Latin America and the Caribbean through financial and technical support for countries working to reduce poverty and inequality.
Its relationship with TT is about 50 years old and has collaborated on multiple national development projects from as far back as 1967.
TT ministers were among several officials and stakeholders at the ninth annual consultation of Caribbean Governors of IDB Group held at the Hyatt Regency, Port of Spain, where government held various conversations with the IDB, including the signing of a loan agreement and project contract for a national water-sector transformation programme.
Speaking to TT Head for IDB Carina Cockburn and general manager of the Caribbean division Tariq Ali after the consultation, Business Day was told that the meeting itself was fruitful and left many stakeholders, especially in TT, happy.
But, echoing the sentiments of IDB president Ilan Goldfajn, Cockburn said the IDB is still striving to collaborate more with member countries and making itself more available.
The IDB says that for a bank such as theirs, the bottom line is not that important. It is now focusing on its development projects and the impact it would have on the nation and the region.
Funding development
In 2021, the IDB approved US$23.4 billion in project development loans across the region. In TT, loans were approved for several development programmes in different areas such as energy, transport, SME support and science and technology. One programme focused on improving mobility in TT by adding value to existing transport infrastructure and service by promoting the adoption of technology and digital solutions saw the government get an approval for a US$225,000 loan.
On Tuesday, during the consultation the Prime Minister signed a loan contract for US$80 million for the water-sector development programme. The main objective of the project is to improve the efficiency, quality, sustainability and resilience of a potable-water supply service and water security.
The programme is expected to benefit an estimated 1,025,000 people who do not have access to a 24-hour water supply. The loan will be part of a conditional credit line where the IDB and government work on a series of interventions in one area, over a period of time. The credit line is for US$350 million.
[caption id="attachment_1004769" align="alignnone" width="1024"] A cargo ship docked at the Port of Port of Spain. - File Photo[/caption]
“We know that the water-sector transformation process is a very large and complex multi-million dollar initiative which has already been worked on for years, so we must continue. We can’t give up,” Cockburn said.
She added that the US$80 million loan will deal with immediate issues such as repairing pipelines, assessing underground wells and capacity building for WASA and the Ministry of Public Utilities to manage the sector better.
“We are very excited about t
