Prime Minister Kamla Persad-Bissessar has hailed an Establishment Agreement signed with the World Bank for the establishment and operation of offices here.
She says it will focus on strengthening partnerships and supporting economic development in this country.
The agreement was signed on Thursday between Port-of-Spain and the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).
She said the agreement will bring global expertise, financing and institutional support directly into Trinidad and Tobago for the first time.
“This is more than an agreement. It is a signal to the world that Trinidad and Tobago is open, ready, and serious about growth, investment, and opportunity,” the PM said.
She noted that the partnership will support national priorities including economic diversification, job creation, infrastructure development and sustainable growth.
A central focus will be structured public-private partnerships to unlock investment, accelerate national projects and create opportunities for businesses and entrepreneurs.
Persad-Bissessar explained that the agreement will expand access to development financing, technical expertise and global markets, while building capacity within the public service and strengthening institutions.
She said Government is already working toward a multibillion-dollar investment pipeline—with up to US$5 billion in projects over the next five years—targeting renewable energy, digital services, aviation and maritime development.
“This agreement also positions our country as a regional hub for development cooperation in the Caribbean,” she said. “We are restoring confidence. We are building partnerships. We are creating opportunity.”
The PM added: “This is how we secure a stronger, more prosperous future for every citizen.”
Also commenting on the development, the World Bank Group said its agreement with the Trinidad and Tobago government for the establishment and operation of offices here will allow for the advancement of structured public-private partnerships (PPP) as a mechanism for national development.
“The establishment of World Bank Group offices in Trinidad and Tobago is expected to deliver tangible benefits, including improved access to development financing and technical expertise, enhanced efficiency in the design and implementation of national projects, and strengthened institutional capacity within the public service through training and knowledge transfer,” the WBG said in a statement.
It said that the World Bank-supported initiatives in Trinidad and Tobago have historically focused on strengthening human capital, improving public health systems, expanding infrastructure, and advancing environmental management.
“These areas remain central to the partnership and are aligned with the government’s National Development Policy Framework,” the WBG added.
The WBG said that the agreement will also provide direct support to the private sector through the IFC, particularly in investment mobilisation, enterprise development, and the advancement of structured public-private partnerships, enabling greater participation by local businesses and improving access to capital, advisory services, and international markets.
To date, the IFC has invested over US$670 million in Trinidad and Tobago across sectors including financial services, manufacturing, and business development.
In addition, the government is working with the WBG to develop a multibillion-dollar investment pipeline, with projected financing between one and three billion US dollars for local businesses, and up to five billion US dollars over the next three to five years to support private-sector-led diversification initiatives.
“A significant portion of these initiatives is expected to be driven through structured public-private partnership models, expanding opportunities for local and international investors to participate in national development and accelerating project implementation,” the WBG said.
Trinidad and Tobago has been a longstanding member of the WBG, joining the IBRD as far back as in 1963. The agreement provides for defined privileges and immunities for World Bank Group staff and their immediate families, including facilitation of visas, work opportunities for spouses, and exemptions consistent with international practice.
In addition, the World Bank Group will benefit from exemptions from taxes, duties, and levies on its operations, property, and official transactions, including customs duties and indirect taxes.
The Agreement guarantees freedom of financial operations, including the ability to hold and transfer funds in any currency without restriction, as well as the unrestricted import and export of goods necessary for office operations and secure communications using modern systems. —-PORT-OF-SPAIN, Trinidad (GML & CMC)
