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IDB to lend US$18 million to support Trinidad and Tobago’s global IT-enabled services capacity

Project will leverage on country’s language, education and technology infrastructure to promote its positioning as a regional hub for provision of IT-enabled services

Trinidad and Tobago will receive an US$18 million loan from the Inter-American Development Bank (IDB) to help the country expand its ability to offer global information technology-enabled services (ITeS).

The project aims to help position Trinidad and Tobago 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.

Trinidad is well positioned to capitalize on a worldwide trend toward outsourcing of IT services. The country 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.

Because the country’s small population means the talent pool is limited, the project includes creation of a Global Services Internationalization Hub to provide training and support services adapted to the needs of local companies and international investors. The project finances the 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 (SMEs) to increase their export capacity.

Additionally, the project includes creation of a marketing and branding strategy and engagement with Trinidad and Tobago’s diaspora population in order to promote the country’s image as a reliable provider of global ITeS.

The IDB loan is for 25 years, with a grace period of 5-1/2 years, with an interest rate based on LIBOR.

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