Government has already approved the establishment of the World Bank Group’s permanent office in Port of Spain.
This was confirmed by Minister of Planning, Economic Affairs and Development, Dr. Kennedy Swaratsingh, who said this move will unlock major financing for T&T’s private sector.
Speaking at a conference at the University of the West Indies, he revealed that the World Bank has already selected office space and has begun mobilising personnel.
“The World Bank was here about four or five weeks ago and they have already selected an office space. They have staff already looking to move down. So we are moving very, very assiduously to bring those supports required to be able to give the jolt because, whether we like it or not, we will not get foreign revenues coming out of the energy sector anytime soon. That will give us the type of, so we need that kind of injection coming in.”
He said the Government has asked the World Bank to structure a multibillion-dollar investment pipeline for local businesses, especially in export-oriented sectors.
“But when the World Bank Group is finally established in Port of Spain, their mandate is to create, through the IFC and other agencies, is to create that funding available for local businesses to inject. And we have asked them to set up that funding between one and three billion US dollars. So that’s what this Government has been working very, very hard. The Attorney General is in the process of vetting those agreements.”
He also claimed that the institution had been trying to establish a presence in Trinidad and Tobago for nearly a decade but had faced obstruction from the former government.