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T&T gets US$18m to expand IT services
T&T will receive a US$18 million loan from the Inter-American Development Bank (IDB) to help expand its ability to offer global information technology-enabled services. The project aims to help position T&T as a regional hub for the provision of global IT services by providing training, investment promotion and branding, and capacity building to improve the business climate and regulations. The country is well positioned to capitalise on a worldwide trend toward outsourcing of IT services.
In an media release, the IDB said T&T ranks well regionally for the quality of its educational system, including math and science knowledge and management training. “Its English-speaking population is equipped with the necessary language skills required by the industry. In addition, the country’s IT infrastructure is considered among the best in the region,” the IDB said.
“Because the country’s small population means the talent pool is limited, the project includes creation of a Global Services Internationalisation Hub to provide training and support services adapted to the needs of local companies and international investors.” The project includes lease of a building to establish physical space for the hub, creating opportunities for collaborative work and innovation, which will enable small and medium enterprises to increase their export capacity.
Additionally, the project includes creation of a marketing and branding strategy and engagement with T&T’s diaspora population to promote the country’s image as a reliable provider of global ITeS. The loan is for 25 years, with a grace period of five-and-a-half years.
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