Tuesday 23 July, 2019

CAF approves US$200M loan for T&T's road system

Photo taken from screenshot at traffictt.com

Photo taken from screenshot at traffictt.com

The Development Bank of Latin America (CAF) has approved a US$ 200 million loan to improve Trinidad and Tobago’s road network.

In a statement, the company said the loan (TT$1.4 billion) will be used to help strengthen the national road network through the construction, maintenance, management, planning, and improvement of existing infrastructure.

The loan will be used 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 Ministry of Works and Transport's (MOWT) efforts to enhance regulatory frameworks, road safety, and congestion reduction initiatives through several activities such as signalling, changing traffic regulations, camera systems, or traffic lights.

The company said additionally, 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 modernise the country's road infrastructure, the company said.

 

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