CAF to invest $35M in Trinidad and Tobago’s EXIMBANK to support SMEs

Trinidad and Tobago signed an agreement with the CAF Development Bank of Latin America and the Caribbean for investment in the Export-Import Bank (EXIMBANK). The amount of thirty-five million US dollars is agreed upon as a loan to strengthen the capabilities of EXIMBANK to serve a range of clients from small and medium enterprises (SMEs).

The agreement was officially signed by Bernardo Requena, the Director Representative in Trinidad and Tobago for the CAF Development Bank of Latin America and the Caribbean, and Colm Imbert, Minister of Finance for the nation.

The intention of the ministry, with this investment of thirty-five million US dollars in EXIMBANK, is to support the local businesses to explore new markets and opportunities. The aim of the authorities is to boost the export growth of the nation with these calculated steps.

It is expected that this initiative will affect more than a hundred small and medium enterprises of Trinidad and Tobago in positive manner. It is said that EXIMBANK will serve its client business better, which will assist them in expanding operations and achieving significant financial growth.

It is mentioned that the credit of thirty-five million from the CAF Development Bank to EXIMBANK will not just strengthen its financial services but will also serve the vision of the government. The authorities are aiming to mark the nation’s strong presence in the emerging sectors of the regional and international markets.

The agreement signed for the investment by the finance ministry of Trinidad and Tobago with CAF is also part of the four-year strategic plan of EXIMBANK. The plan was laid for 2022 to 2026, under which the focus was to help small and medium enterprises with innovative financial solutions and increased access to credit.

The initiative included ICT, creative industries, and renewable energy sectors where businesses could upgrade plants, improve product quality, engage in digital transformation, and deploy technology. The aim of the plan is to improve export growth along with long-term sustainability.

During the signing ceremony, Colm Imbert, Minister of Finance for Trinidad and Tobago, shared his words about the initiative and said, “The collaboration with CAF Development Bank will allow the EXIMBANK to expand its support to small and medium enterprises and equip them with the needed financial tools to grow and contribute to the national economy.”

Minister Colm Imbert added, “The goal is to create an environment where enterprises can thrive, and this initiative is a significant step in that direction.” He mentioned how this step will help in taking innovative measures that will empower the businesses to contribute to economic growth.

Bernardo Requena, Director Representative for CAF in Trinidad and Tobago, also shared some words and said, “Small and medium enterprises are the backbone of our economies. By providing the resources and financial tools, we are supporting their growth along with broader economic development.”

Requena added, “This partnership is aligned with our mission to build innovative, resilient, and sustainable economies across Latin America and the Caribbean through flexible and agile financing options,” he said that this initiative will be transformative.