Finance Ministry and CAF sign US$35m loan to boost SMEs | Local Business

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FINANCE Minister Colm Imbert and Bernardo Requena, the director representative for CAF—Development Bank of Latin America and the Caribbean in Trinidad and Tobago, signed a US$35 million investment loan yesterday.

The loan is aimed at enhancing the services of the Export Import Bank of Trinidad and Tobago (EXIMBANK) to better serve a broader range of clients, particularly Small and Medium Enterprises, a release from the Finance Ministry stated.

The facility is expected to benefit more than 100 SMEs in Trinidad and Tobago, providing a significant boost in financing to help grow their operations and expand into new markets, according to the Ministry of Finance.

“The credit facility will secure US$35 million in additional funding to expand EXIMBANK’s financial services and support to SMEs and emerging sectors and position them to better compete in local, regional and international markets. This initiative is tied to EXIMBANK’s 2022-2026 Strategic Plan and focuses on increasing access to credit and innovative financial solutions for SMEs across focused sectors, including the creative industries, ICT and renewable energy,” it stated.

“The financing will help businesses invest in plant upgrades, digital transformation and technology deployment, as well as product quality improvements to position them for export growth and long-term sustainability,” the Finance Ministry stated.

Speaking at the signing ceremony, Imbert said this enhanced financing option will empower businesses to innovate, compete globally and contribute to economic growth. “This collaboration with CAF will allow the EXIMBANK to expand its support to SMEs, equipping them with the financial tools needed to grow their operations and contribute to the national economy.

“Our goal is to create an environment where small and medium enterprises can thrive, and this initiative is a major step in that direction,” Imbert stated.

Requena, said the collaboration will be transformative.

“SMEs are the backbone of our economies, and by providing the resources and financial tools they need to thrive, we are supporting their growth and broader economic development.

“This partnership is aligned with CAF’s mission to build resilient, innovative and sustainable economies across Latin America and the Caribbean through agile and flexible financing options,” Requena said.

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