WASHINGTON, D.C. June 16, 2020 (CMC) – The Inter-American Development Bank (IDB) has 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 IDB said that 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.
The IDB said one such element is the incorporation of green-building and infrastructure technologies, which will see climate change adaptation and mitigation features included.
It said 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 privately-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 its Program Monitoring, Coordinating and Evaluation Unit. It will be executed, over a period of six years, and the repayment term will be 24 years, with a grace period of six-and-a-half years and an interest rate, based on LIBOR (London Interbank Offered Rate),” the IDB added.