PORT OF SPAIN, Trinidad, CMC—Trinidad and Tobago has signed a Memorandum of Understanding (MoU) with the United Kingdom’s (UK) Export Guarantees Department to support the country’s national development objectives.
“I’m very pleased about this initiative of the UK government and the UK High Commission in Trinidad and Tobago. It creates access to a pipeline of funding for goods and services from the UK and complements our existing export credit arrangements with countries such as Australia, Austria, the USA, and China,” said Finance Minister Colm Imbert.
He said the MoU offers a prime financing avenue to support Trinidad and Tobago with projects in national security, healthcare infrastructure, airport development, bridges, and road rehabilitation, among other areas.
The UK’s High Commissioner to Trinidad and Tobago, Harriet Cross, said the MoU “marks a pivotal step in strengthening bilateral collaboration between the Ministry of Finance and UK Export Finance.
“Together, we are laying the foundation for strong commercial ties and exploring avenues for financial support on high-impact projects. We are excited to see these ventures take shape in the coming months, driving growth and opportunity,” she added.
A statement issued by the Ministry of Finance said that ongoing discussions between the two countries have identified the need to develop a framework to promote further communication and cooperation and support Trinidad and Tobago’s national development objectives.
It said that the UK’s Department for Business and Trade worked closely with the Ministry of Finance to collaborate with the UK’s export credit agency (ECA), also known as UK Export Finance (UKEF), to finance projects involving exports from the UK to Trinidad and Tobago. “
“Operating for over 100 years, UKEF is an award-winning ECA with an extensive track record of success supporting UK businesses to reach new international markets. In 2023-2024, UKEF provided £8.8 billion (One = 1.29 cents) of financial support to UK exporters supporting projects worldwide. The statement said that UKEF can support up to £5 billion in financing for projects locally.
It described Trinidad and Tobago as one of the Caribbean’s most vibrant economies, and UKEF is keen to support national projects.
“In recognition of the tremendous opportunities for collaboration between Trinidad and Tobago and the UK private sector, UKEF has increased its support to projects in the country to £5 billion, an increase of almost £1 billion from the previous occasion,” the statement added.
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