The InterAmerican Development Bank (IDB) and the Global Infrastructure Facility (GIF) are supporting T&T in the development of a US$270 million public-private partnership that will improve cargo services at the port of Port-of-Spain, boosting trade and enhancing the country’s competitiveness.
A statement from the IDB said, “The PPP is expected to invest up to US$270 million, aiming to boost port productivity by more than 50 per cent.
“The new private operator will manage all the port’s cargo-handling activities, ranging from general cargo operations and terminal handling to weighing and reefer services.”
It noted the T&T’s Port Authority has issued a public notice to companies interested in participating in the project tender, adding that the project has generated significant interest from private sector participants, who have until July 15 to register.
“This is an ambitious project that aims to significantly boost the Port’s efficiency and capacity. The partnership with the Government, the IDB and GIF has been instrumental in structuring this opportunity, which is related to IDB’s commitment to maximise the impact of our work in T&T, focusing on resilient and sustainable infrastructure that enhances the country’s competitiveness, trade, and the quality of life of its people,” said Carina Cockburn, IDB country representative in T&T.
The project targets to increase the effective capacity of the port 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 optimising existing infrastructure in the short term to enhance competitiveness.
The statement added that the project is the first PPP structuring in the Caribbean to receive support from both 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.
Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean.
The port of Port-of-Spain’s cargo-handling services were impacted on February 22, 2024, as “due to absenteeism by equipment operators, all cargo operations were disrupted,” according to a news release from the Port Authority of T&T (PATT) on February 22.
The absenteeism of the equipment operators was partly linked to a dispute over wages at the port of Port-of-Spain.
In February, after the labour disruption, PATT chairman Lyle Alexander said before his board came into office in 2018, there was a discussion between the previous board and the Seamen and Waterfront Workers’ Union, which represents workers on the port. That discussion included the development of some new working practices and a possible settlement of a 12 per cent wage hike.
