Trinidad and Tobago Signs US$35 Million Loan to Boost Small and Medium Enterprises
Government of Trinidad and Tobago
PORT OF SPAIN, Trinidad, CMC—
Trinidad and Tobago has signed a US$35 million loan with the Development Bank of Latin America and the Caribbean (CAF) that will allow more than 100 small and medium enterprises (SMEs) to receive a significant boost in financing to grow their operations and expand into new markets.
Goal to Create an Environment for SMEs to Thrive
"This collaboration with CAF will allow the EXIMBANK (Export-Import Bank of Trinidad and Tobago) to expand its support to SMEs, equipping them with the financial tools needed to grow their operations and contribute to the national economy," said Finance Minister Colm Imbert. "Our goal is to create an environment where small and medium enterprises can thrive, and this initiative is a major step in that direction."
Supporting SMEs as a Backbone of Economies
CAF’s Director Representative for Trinidad and Tobago, Bernardo Requena, said the collaboration will be transformative, noting that SMEs are the backbone of economies, and by providing the resources and financial tools they need to thrive, "we are supporting their growth and broader economic development.
"This partnership is aligned with CAF’s mission to build resilient, innovative, and sustainable economies across Latin America and the Caribbean through agile and flexible financing options," he added.
Strengthening EXIMBANK’s Services
The loan will strengthen EXIMBANK’s services to cater to a broader range of clients, particularly SMEs. The credit facility will secure US$35 million in additional funding to expand EXIMBANK’s financial services and support to SMEs and emerging sectors and position them to compete better in local, regional, and international markets.
Increasing Access to Credit and Innovative Financial Solutions
"This initiative is tied to EXIMBANK’s 2022-2026 Strategic Plan and focuses on increasing access to credit and innovative financial solutions for SMEs across focused sectors, including the creative industries, ICT, and renewable energy," said the Ministry of Finance.
Conclusion
The financing will help businesses invest in plant upgrades, digital transformation, and technology deployment, as well as product quality improvements to position them for export growth and long-term sustainability. The operation will increase the capacity of 100 SMEs to innovate, expand, and enter new markets.
Frequently Asked Questions
- What is the loan amount?
- US$35 million
- How many SMEs will benefit from the loan?
- Over 100
- What sectors will the loan support?
- Creative industries, ICT, and renewable energy
- What is the goal of the initiative?
- To create an environment where small and medium enterprises can thrive and support their growth and broader economic development.