WASHINGTON, CMC—The Inter-American Development Bank (IDB) and the Global Infrastructure Facility (GIF) say they are supporting Trinidad and Tobago in developing a public-private partnership that will improve cargo services at the Port of Spain port, boosting trade and enhancing the country’s competitiveness.
With an ambitious investment of up to US$270 million, the public-private partnership is poised to be a game-changer for Trinidad and Tobago’s port services. The partnership’s primary goal is to catapult port productivity by more than 50 percent, a significant leap that will undoubtedly reshape the country’s trade landscape.
Under the new public-private partnership, a dedicated private ‘senator will take the reins of all cargo-handling activities at the port. This comprehensive role will encompass various tasks, from Tobago’s general cargo operations and terminal handling to weighing and reefer services. The Trinidad and Tobago Port Authority has already issued a public notice inviting interested companies to participate in the project tender, a move that has sparked significant interest from the port’s private sector. Companies have until July 15th to register their interest.
“This ambitious project aims to significantly boost the port’s efficiency and capacity. The paIDB’sship with the government, the IDB, and GIF has been instrumental in structuring this opportunity, which is related to IDB’s commitment to the maxicountry’simpact of our work in Trinidad and Tobago, focusing on resilient” and sustainable infrastructure that enhances the country’s competitiveness, trade, and the quality of life ofport’seople,” said Carina Cockburn, IDB Country Representative in Trinidad and Tobago.
The project targets increasing the port’s effective capacity from 340,000 TEUs (twenty-foot equivalent unit) to 620,000 TEUs in the short term and up to 1,100,000 TEUs in the long term. Additionally, the project includes optimizing existing infrastructure in the short term to enhance competitiveness.
This project is the first PPP structuring in the Caribbean to receive support from the IDB and the GIF. The GIF is a global collaboration platform that integrates efforts to boost private investment in sustainable, quality infrastructure projects in developing countries and emerging markets.
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