A US$1.5 million agreement aimed at improving the Port of Port-of-Spain (PPOS) has been signed between this country’s government and the Inter-American Development Bank (IDB).
In a release from the IDB yesterday, it was confirmed that T&T’s government had agreed to the conditions of technical cooperation to the monetary worth of US$1.5 million from the IDB’s contingent recovery financing technical cooperation for the Port Authority of T&T (PATT).
The agreement was signed by Minister of Planning and Development Pennelope Beckles with Minister of Works and Transport, Rohan Sinanan and Minister of Public Administration Allyson West present as witnesses, the release said.
Representative of the Inter-American Development Bank Carina Cockburn presented the letter of agreement to be signed.
“The purpose of the initiative is to provide support to the Government of the Republic of T&T (GoRTT) in the structuring activities for a Public Private Partnership Project (PPP) for the Cargo Handling Operations of PATT, where the PPOS is the first and major multi-purpose port of the country, strategically located at the crossroads of major trade links via the Panama Canal,” a release from the IDB stated.
The IDB explained this agreement would lead to the funding of feasibility studies (technical, financial, legal) to design the best model and define the framework for bidders to present their proposals as well as final financial, technical, and legal structure, and drafting of PPP contracts, and bidding documents.
The IDB said it would also provide support to the Government in the bidding process until the commercial close (signature of the PPP contract).
The Government has voiced plans to upgrade PPOS infrastructure through private investments, which it is hoped, will enhance the port’s competitiveness amongst regional competitors.
The IDB said, “The project feasibility studies under the proposed Project Preparation and Structuring Activities (PPSA) will support the government in the structuring process for a potential Public Private Partnership (PPP) for the Cargo Handling Operations of the PPOS. The ultimate goal of the Project is to promote T&T’s economic growth and development by improving port efficiency and competitiveness in the country through a PPP in line with the National Development Strategy (Vision 2030) 2016-2030, “Improving Productivity through Quality Infrastructure and Transportation.”