IDB LOAN TO SUPPORT THE ENHANCEMENT OF HOUSING CONDITIONS FOR LOW-INCOME HOUSEHOLDS AND THE TRANSFORMATION OF THE COUNTRY’S URBAN SPACES
The Inter-American Development Bank (IDB) approved US$50 million in loan resources to support Trinidad and Tobago’s effort towards improving the living conditions of low-income households and investing in urban spaces as part of a strategy to foster more sustainable development.
The Urban Upgrading and Revitalization Program has four key components to fulfil its core objective. It will aim to improve the livability of urban settlements, boost urban renewal, enhance housing conditions of low-income households and work with key stakeholders to address the medium-term housing and sustainable urban development needs of the country.
The program is the fourth successive IDB-financed housing and urban development operation in Trinidad and Tobago and it includes several innovative elements. One such element is the incorporation of green-building and infrastructure technologies, which will see climate change adaptation and mitigation features included. An urban regeneration element will promote the transformation of urban spaces with an emphasis on encouraging sustainable use and increasing their aesthetic attractiveness and resilience. Another element will see low-income households being linked with potential private finance opportunities to better their housing conditions.
Similar to the previous operation completed in 2017, the program will be executed by the Ministry of Housing and Urban Development and their Programme Monitoring, Coordinating and Evaluation Unit. It will be executed over a period of six years and the repayment term will be twenty-four years with a grace period of six and a half years and an interest rate based on LIBOR.
About the IDB
The Inter-American Development Bank is a leading source of long-term financing for economic, social and institutional projects in Latin America and the Caribbean. Besides loans, grants and guarantees, the IDB conducts cutting-edge research to offer innovative and sustainable solutions to our region’s most pressing challenges. Founded in 1959 to help accelerate progress in its developing member countries, the IDB continues to work every day to improve lives.