Saturday 19 October, 2019

Gov't to donate US$11M to Special Development Fund

Cabinet has agreed for Trinidad and Tobago to support the replenishment of the Ninth Cycle Special Development Fund (SDF 9) of the Caribbean Development Bank (CDB) in the amount of US$11, 079, 000.00 or 4.98% of the total programme for this cycle. 

This was revealed by Planning and Development Minister Camille Robinson-Regis via a statement on Friday.

The Special Development Fund is a unique partnership among CDB members where both borrowing and non-borrowing members contribute to resourcing the fund financially. 

Trinidad and Tobago is one of the major contributors to the Fund as a member country and in 2013, for the Eighth Cycle Cabinet agreed through the Ministry of Planning and Development to the sum of US$10, 551, 00.00 which was 4.25% of the total amount of US$348 million of the Fund’s value. 

In 2012, Trinidad and Tobago’s contribution to the Seventh SDF was US$3,564,400.00.  

The Eighth Cycle of the SDF spanned from 2013 to December 31, 2016 and the Ninth Cycle covers the period 2017 to 2020.  This payment will be made in installments over the period of the cycle.

The SDF provides loan funding and grant financing for sustainable development initiatives in developing states of the Region.  This Fund plays a critical role in the international effort to reduce poverty, achieve the Sustainable Development Goals of which Trinidad and Tobago’s National Development Strategy (VISION 2030) is tied, and assists with economic transformation and major economic adjustments within the CDB borrowing member countries.

Trinidad and Tobago has benefitted from the CDB through the following loans; Energy Sector Support in 2014; Establishment of the Caribbean Court of Justice, 2003; Establishment of the National Energy Skills Centre, 2000; Southern Roads Development 1995. 

Minister Robinson-Regis represented Trinidad and Tobago at the 47th Annual Meeting of the CDB as the Governor for Trinidad and Tobago, which ended on Friday May 26, 2017.

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