More than 100 Small and Medium Enterprises (SMEs) in Trinidad and Tobago are set to receive a significant boost in financing to grow their operations and expand into new markets.
By Caribbean News Global contributor
PORT – OF – SPAIN, Trinidad – Trinidad and Tobago minister of finance, Colm Imbert and the director representative for CAF – Development Bank of Latin America and the Caribbean in Trinidad and Tobago, Bernardo Requena, signed a USD 35 million investment loan to strengthen the Export-Import Bank of Trinidad and Tobago’s (EXIMBANK’s) services to cater to a broader range of clients, particularly Small and Medium Enterprises. The credit facility will secure USD 35 million in additional funding to expand EXIMBANK’s financial services and support to SMEs and emerging sectors and position them to better compete in local, regional and international markets.
This initiative is tied to EXIMBANK’s 2022-2026 Strategic Plan and focuses on increasing access to credit and innovative financial solutions for SMEs across focused sectors including the creative industries, ICT, and renewable energy. The financing will help businesses invest in plant upgrades, digital transformation and technology deployment, as well as product quality improvements to position them for export growth and long-term sustainability.
EXIMBANK and CAF to strengthen SMEs
The operation will increase the capacity of 100 SMEs to innovate, expand, and enter new markets. Speaking at the signing ceremony, Finance minister Imbert said this enhanced financing option will empower businesses to innovate, compete globally and contribute to economic growth.
“This collaboration with CAF will allow the EXIMBANK to expand its support to SMEs, equipping them with the financial tools needed to grow their operations and contribute to the national economy. Our goal is to create an environment where small and medium enterprises can thrive, and this initiative is a major step in that direction.”
CAF’s director representative for Trinidad and Tobago, Requena, said the collaboration will be transformative.
“SMEs are the backbone of our economies, and by providing the resources and financial tools they need to thrive, we are supporting their growth and broader economic development. This partnership is aligned with CAF’s mission to build resilient, innovative and sustainable economies across Latin America and the Caribbean through agile and flexible financing options.”
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