Trinidad and Tobago Signs Memorandum of Understanding with UK to Support National Development Objectives

Finance Minister Colm Imbert and UK High Commissioner Harriet Cross sign MoU (Photo Ministry of Finance)

Trinidad and Tobago has signed a Memorandum of Understanding (MoU) with the United Kingdom’s (UK) Export Guarantees Department to support the country’s national development objectives.

Finance Minister Colm Imbert expressed his pleasure about this initiative, stating that it creates access to a pipeline of funding for goods and services from the UK and complements the country’s existing export credit arrangements with countries such as Australia, Austria, the USA, and China.

The MoU offers a prime financing avenue to support Trinidad and Tobago with projects in national security, healthcare infrastructure, airport development, bridges, and road rehabilitation, among other areas.

UK High Commissioner to Trinidad and Tobago, Harriet Cross, highlighted the significance of the MoU, saying it marks a pivotal step in strengthening bilateral collaboration between the Ministry of Finance and UK Export Finance.

She emphasized that the MoU will lay the foundation for strong commercial ties and explore avenues for financial support on high-impact projects, driving growth and opportunity.

Framework for Cooperation

A statement issued by the Ministry of Finance revealed that ongoing discussions between the two countries have identified the need to develop a framework to promote further communication and cooperation and support Trinidad and Tobago’s national development objectives.

The UK’s Department for Business and Trade worked closely with the Ministry of Finance to collaborate with the UK’s export credit agency (ECA), also known as UK Export Finance (UKEF), to finance projects involving exports from the UK to Trinidad and Tobago.

UK Export Finance

UK Export Finance is an award-winning ECA with an extensive track record of success supporting UK businesses to reach new international markets. In 2023-2024, UKEF provided £8.8 billion of financial support to UK exporters supporting projects worldwide.

The statement noted that UKEF can support up to £5 billion in financing for projects locally, and described Trinidad and Tobago as one of the Caribbean’s most vibrant economies, and UKEF is keen to support national projects.

In recognition of the tremendous opportunities for collaboration between Trinidad and Tobago and the UK private sector, UKEF has increased its support to projects in the country to £5 billion, an increase of almost £1 billion from the previous occasion.

Conclusion

The signing of this MoU marks a significant milestone in the relationship between Trinidad and Tobago and the UK, and will provide a platform for the two countries to collaborate on various projects and initiatives. This cooperation will not only benefit both countries but also contribute to the growth and development of the region.

FAQs

Q: What is the purpose of the Memorandum of Understanding?
A: The MoU aims to support Trinidad and Tobago’s national development objectives by providing access to a pipeline of funding for goods and services from the UK.

Q: What are the areas of cooperation under the MoU?
A: The MoU covers projects in national security, healthcare infrastructure, airport development, bridges, and road rehabilitation, among other areas.

Q: What is UK Export Finance, and what role does it play in this cooperation?
A: UK Export Finance is an award-winning ECA that provides financial support to UK exporters supporting projects worldwide. It will play a key role in financing projects involving exports from the UK to Trinidad and Tobago.