Finance Minister Colm Imbert - Photo by Faith Ayoung
Minister of Finance Colm Imbert and director representative for the Development Bank of Latin America and the Caribbean (CAF) Bernardo Requena have signed a US$35 million investment loan to strengthen the Export Import Bank of TT (Eximbank’s) services.
A release from the ministry said the investment will affect more than 100 small and medium enterprises (SMEs) by way of getting a boost in financing to grow their operations.
“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 better compete in local, regional and international markets,” the release said.
The initiative was part of Eximbank’s 2022-2026 strategic plan which focuses on increasing access ot credit and innovative financial solutions for small businesses, in industries such as the creative industries, ICT and renewable energy.
“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 release said.
Imbert said the enhanced financing option will empower businesses to innovate, complete globally and contribute to economic growth. He said the collaboration with CAF will give Eximbank the ability to expand its support to small business.
“Our goal is to create an environment where small and medium enterprises can thrive and this initiative is a major step in that direction,” Imbert said.
Requena said the collaboration will be transformative.
“By providing the resources and financial tools they need to thrive, we are supporting their growth and broader economic development,” he said. “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.”
This is the latest in a string of donations and investments by CAF to various TT bodies.
In March CAF donated US$250,000 for oil spill relief in the wake of the discovery of the Gulfstream vessel and the oil spill which affected Tobago.
In December 2022, CAF donated US$200,000 for flood relief.
In 2020 CAF loaned TT$150 million for the covid19 response.
