File picture: Maracas Beach

T&Ts tourism infrastructure is set to get a billion-dollar boost.

“CAF—Development Bank of Latin America—approved a US$200 million loan to support T&T’s management, planning and investment of tourism infrastructure through better institutional and regulatory frameworks,” a release from the CAF stated yesterday.

“These funds will be managed by the Ministry of Finance and will support different ongoing institutional initiatives, such as the upgrade of the National Tourism Policy; the strategic plan for the Trinidad and Tobago’s Airports Authority; the development of a National Maritime Policy and Strategy; the analysis to develop ports and logistics hub in the country, specifically in Port-of-Spain; and the development and integration of the Port Community System (PCS) in the ports’ logistic chain,” the release stated.

Additionally, the loan includes actions to improve other tourism infrastructure linked to beaches, airports, connectivity between islands and access to sectors that are attractive to visitors.

“We are working closely with the government of T&T to support the implementation of its development plan, that promotes the diversification of the country’s economy through better levels of productivity, better infrastructure, and the improvement of processes and regulatory frameworks to optimise the maritime and air logistics of the country, ”CAF’s executive president Luis Carranza stated.

In the last three years (2017-2019) CAF approved US$800 million for T&T, which represents an average of US$267 million per year.