CAF approves a USD 200 million loan to improve Trinidad and Tobago’s road system
The loan approved by CAF will help to strengthen the national road network through the construction, maintenance, management, planning, and improvement of existing infrastructure.
CAF –Development Bank of Latin America- approved a USD 200 million loan to improve Trinidad and Tobago’s road network, through the construction, rehabilitation, and maintenance of roads, access roads and an overpass, together with the management, and planning actions carried out by the Ministry of Works and Transport (MOWT).
The funds will contribute to the MOWT’s efforts to enhance regulatory frameworks, road safety, and congestion reduction initiatives through several activities such as signaling, changing traffic regulations, camera systems, or traffic lights. In addition, the funds will help strengthen institutional capacities in the areas of public planning, especially with the updating of the National Transportation Plan and the development of an action plan for flood control in urban areas.
"The quality of infrastructure and transport services is crucial to boost economic development. It helps promote productivity and competitiveness, and allows companies to grow and prosper, create employment, and attract investment, generating more opportunities for all", said Luis Carranza, Executive President of CAF.
The program is in line with the National Development Strategy - Vision 2030, whose objective is to improve the standard of living of the citizens of Trinidad and Tobago. The support from CAF will contribute to secure the resources necessary to modernize the country's road infrastructure.
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