Camille: IDB confident in TT

This was the view expressed yesterday by Planning and Development Minister Camille Robinson-Regis.

In a statement issued by her ministry, Robinson- Regis said the decision to establish the IIC Office in TT was taken at the recently concluded 58th annual meeting of the board of governors of the IDB held in Paraguay.

Noting that this office will be a regional one and its establishment is a first for TT, Robinson-Regis explained that the work of the IIC is closely linked to her ministry’s mandate, in facilitating socio-economic development through the promotion of entrepreneurship.

She said despite the challenges facing the energy sector, the IIC recognised the strength of the entrepreneurial and enterprising spirit in TT.

The IIC focuses mainly on small and medium-size enterprises in one of the IDB’s 26 member countries in Latin America and the Caribbean.

It provides financing and technical assistance so that small and medium enterprises (SMEs) can grow and drive development in the region and expand themselves geographically in key sectors.

The IIC being established here will provide direct benefits to businesses in TT while contributing to the development landscape by providing opportunities for joint-venture projects and public private partnerships (PPP).

She also said it also opens up the opportunity for the private sector to play an even greater role in national development through the provision of financing and technical support to help their businesses grow.

The IIC supports operations in a wide variety of sectors such as agriculture and agribusiness, aquaculture and fisheries, chemicals and plastics, food and beverages, energy, education, healthcare, infrastructure, livestock and poultry, wood, pulp and paper, manufacturing, industrial processing zones, and textiles, as well as financing through supply chains.

The IIC does not finance projects related to arms manufacturing and trade, gambling, and real estate speculation.

IIC financing may be used for both local and foreign currency investments in fixed assets, permanent working capital and pre-operating costs.