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Sunday, May 25, 2025

Imbert signs US$500M MoU

by

Peter Christopher
341 days ago
20240619
Minister of Finance Colm Imbert, centre, and ExIm Bank President & Chairman Reta Jo Lewis exchange documents at the signing of the Memorandum of Understanding for five hundred million between Trinidad and Tobago and the United States yesterday at the Ministry’s office. At left, is  US Ambassador Candace Bond.

Minister of Finance Colm Imbert, centre, and ExIm Bank President & Chairman Reta Jo Lewis exchange documents at the signing of the Memorandum of Understanding for five hundred million between Trinidad and Tobago and the United States yesterday at the Ministry’s office. At left, is US Ambassador Candace Bond.

SHIRLEY BAHADUR

PE­TER CHRISTO­PHER

Se­nior Mul­ti­me­dia Re­porter

pe­ter.christo­pher@guardian.co.tt

Trinidad and To­ba­go is ex­pect­ed to im­prove its mar­itime sur­veil­lance and se­cu­ri­ty ca­pa­bil­i­ties fol­low­ing the sign­ing of a Mem­o­ran­dum of Un­der­stand­ing with the Ex­port-Im­port (Ex­Im) Bank of the Unit­ed States.

The agree­ment would see T&T gain ac­cess of up to US$500 mil­lion in tech­ni­cal sup­port for projects rang­ing from na­tion­al se­cu­ri­ty to re­new­able en­er­gy.

Fi­nance Min­is­ter Colm Im­bert said the ini­tial use of the funds would be fo­cused on mar­itime pa­trol ves­sels.

“We are look­ing at en­hanc­ing our ca­pa­bil­i­ty in our mar­itime do­main, with search and res­cue and pa­trolling. And that’s where the na­tion­al se­cu­ri­ty per­spec­tive comes in. So the ini­tial thrust of the re­la­tion­ship is to fi­nance equip­ment and ser­vices and tech­ni­cal sup­port with re­spect to man­ag­ing and se­cur­ing our mar­itime bor­ders,” said Im­bert.

US Am­bas­sador to T&T, Can­dace Bond, said there has been some con­cern about the rise of il­le­gal traf­fick­ing ac­tiv­i­ty in the South­ern Caribbean, and this played a role in the deal.

“Il­lic­it traf­fick­ing oc­cur­ring in the Caribbean, par­tic­u­lar­ly the south-east­ern Caribbean, has in­creased by about 40 per cent over the past year and is in­creas­ing ex­po­nen­tial­ly. So we re­al­ly lis­tened to the Gov­ern­ment and we re­al­ly lis­tened to the T&T De­fence Force. We went on tour through­out the coun­try to un­der­stand what the chal­lenges are and the poros­i­ty of the bor­ders. And so this was some­thing that we took in­to con­sid­er­a­tion when we went to Wash­ing­ton DC and met with the Ex­Im chair to fig­ure out how we can re­al­ly help tack­le this. This is a huge is­sue that’s oc­cur­ring through­out the Caribbean, but par­tic­u­lar­ly for Trinidad and To­ba­go,” said Am­bas­sador Bond.

Chair of the US Ex­Im Bank, Re­ta Jo Lewis, said while typ­i­cal­ly the bank would not grant fund­ing for mil­i­tary equip­ment, T&T had prop­er­ly stat­ed a case for an in­vest­ment in such equip­ment.

“We have an ex­cep­tion where­by we can fi­nance projects that are go­ing to be used for dual use ...

“We un­der­stand that there is this pri­or­i­ty for the coun­try and that the goods and ser­vices that would be need­ed are the types of items that Ex­Im can fi­nance in this sec­tor,” said Jo Lewis.

The fa­cil­i­ty, Im­bert said, would al­so be used for re­new­able en­er­gy projects and a clause has been in­sert­ed so that terms for ad­di­tion­al us­es could be added.


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