Trinidad and Tobago’s economic outlook received a major boost on Thursday as the Government formalised its partnership with the World Bank Group, the world’s leading development institution.
In a historic signing ceremony, Prime Minister Kamla Persad-Bissessar finalised an agreement to establish permanent World Bank Group offices in Trinidad and Tobago.
A significant milestone for the nation’s economic future was reached on Thursday as the Government officially signed an agreement paving the way for a World Bank Group presence on local soil.
Prime Minister Kamla Persad-Bissessar said the move fulfils a commitment made to the people of Trinidad and Tobago.
“Indeed that work gives us every confidence that the better days we promised are now indeed within reach. At the heart of this progress lies the principle that guides our Government. As I’ve affirmed the foundations of good governance rests on the simple but powerful idea. Promises made must be promises kept.”
Division Director of the International Finance Corporation, Elizabeth Ann Marcano, said a local World Bank office will provide both the public and private sectors with real-time access to policy data, technical expertise, and project support tailored specifically to Trinidad and Tobago.
“The establishment, this establishment agreement is the foundation that will deepen collaboration between the government and the World Bank Group and enable expanded engagement aligned with the country’s national priorities, focused on fostering economic growth, creating jobs, and building a nation where families thrive, young people succeed, and communities grow stronger through responsible governance and forward-thinking policies and initiatives.”
The Prime Minister echoed those sentiments, noting that the physical presence of the World Bank Group represents a strong vote of confidence in Trinidad and Tobago’s economy.
“For decades, T&T has relied heavily on the energy sector, and I do dare say that we will continue to rely on the energy sector, because when you have a competitive advantage, you must use that competitive advantage, and we do have that advantage in the energy sector. So while that sector remains vital, there is a need to expand into non-energy industries.”
Beyond diversification, the Prime Minister highlighted that this partnership signals to global investors that Trinidad and Tobago is a stable, credible destination backed by a respected multinational institution.
“This opportunity also signals to the global investors that T&T is open for business, that T&T is a stable and credible investment destination, backed by a very respected multinational institution, the World Bank Group. In addition, disagreement enhances our resilience to global challenges. When we confront climate change, economic shocks, or public health risks, small island developing states like ours require strong institutional partnerships.”
The physical presence of the World Bank Group is expected to act as a permanent seal of approval for Trinidad and Tobago, aimed at attracting new foreign investment and securing the nation’s place on the global financial stage.