PORT OF SPAIN, Trinidad, CMC – The World Bank Group (WBG) says its Agreement with the Trinidad and Tobago government for the establishment and operation of offices here will allow for the advancement of structured public-private partnerships (PPP) as a mechanism for national development.
The Agreement was executed on Thursday between Port of Spain and the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).
“The establishment of World Bank Group offices in Trinidad and Tobago is expected to deliver tangible benefits, including improved access to development financing and technical expertise, enhanced efficiency in the design and implementation of national projects, and strengthened institutional capacity within the public service through training and knowledge transfer,” the WBG said in a statement.
It said that the World Bank-supported initiatives in Trinidad and Tobago have historically focused on strengthening human capital, improving public health systems, expanding infrastructure, and advancing environmental management.
“These areas remain central to the partnership and are aligned with the government’s National Development Policy Framework,” the WBG added.
Prime Minister Kamla Persad-Bissessar said that the Agreement represents a major step in advancing her government’s development agenda and strengthening international partnerships.
She said that it also brings the World Bank Group’s expertise, resources, and global reach directly to Trinidad and Tobago, enhancing the country’s ability to deliver on key national priorities, including economic diversification, investment promotion, job creation, and sustainable development.
She also emphasized the importance of structured public-private partnerships as a key mechanism for accelerating development, unlocking investment, and delivering sustainable outcomes.
The WBG said that the Agreement will also provide direct support to the private sector through the IFC, particularly in investment mobilization, enterprise development, and the advancement of structured public-private partnerships, enabling greater participation by local businesses and improving access to capital, advisory services, and international markets.
To date, the IFC has invested over US$670 million in Trinidad and Tobago across sectors, including financial services, manufacturing, and business development.
In addition, the government is working with the WBG to develop a multibillion-dollar investment pipeline, with projected financing between one and three billion US dollars for local businesses, and up to five billion US dollars over the next three to five years to support private-sector-led diversification initiatives.
“A significant portion of these initiatives is expected to be driven through structured public-private partnership models, expanding opportunities for local and international investors to participate in national development and accelerating project implementation,” the WBG said.
Trinidad and Tobago has been a longstanding member of the WBG, joining the IBRD in 1963. The Agreement provides for defined privileges and immunities for World Bank Group staff and their immediate families, including facilitation of visas, work opportunities for spouses, and exemptions consistent with international practice.
In addition, the World Bank Group will benefit from exemptions from taxes, duties, and levies on its operations, property, and official transactions, including customs duties and indirect taxes.
The Agreement guarantees freedom of financial operations, including the ability to hold and transfer funds in any currency without restriction, as well as the unrestricted import and export of goods necessary for office operations and secure communications using modern systems.
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