CMC – The Inter-American Development Bank (IDB) Wedesday said it has approved a US$90 million Conditional Credit Line for Investment Projects, which includes a first individual loan of US$42 million, to facilitate the digital transformation of Trinidad and Tobago by supporting the expansion and enhancement of the digital economy.
The IDB said the Conditional Credit Line for Investment Projects consists of up to three individual and sequential loans over the course of 10 years.
It said the first loan is designed to boost productivity through inclusive and safe digital technology adoption and innovation in Trinidad and Tobago.
“It will deliver simplified and inclusive public services using digital technologies, increase the digital capabilities of the national workforce and firms, and strengthen the government’s ability to protect against and respond to cyberattacks,” the IDB said.
The Washington-based financial institution said that the programme has three components. The first will improve the institutional framework for digital innovation by developing the state’s capacity to design and implement digital strategies at the national level and improve citizen-facing digital service delivery within key government agencies.
The second will accelerate growth of the digital economy through the strengthening of actors central to the digital innovation ecosystem such as training providers, firms and entrepreneurs. The third will strengthen national cybersecurity capabilities by financing the modernization of cybersecurity public policy, regulations, standards and protocols, among other actions.
The IDB said citizens of Trinidad and Tobago will benefit from policy changes implemented through this program. Selected government agencies will receive institutional strengthening support to advance their use of data interoperability platforms and cybersecurity management. Additionally, over 150 firms will receive support to use digital technology to improve their productivity and more than 500 public servants will have access to advanced training opportunities in digital service delivery and project management.
The programme will also feature activities that promote the digital inclusion of persons with disabilities and women-led firms.
The bank said that the expected results of this programme will yield reductions in the time taken to complete a transaction with the government, improved productivity among employees of beneficiary firms and greater proactive and reactive responses to cyberthreats against the public and private sector.
This first individual loan of US$42 million has a 15.25-year repayment term, a 5.5-year grace period, and an interest rate based on the Secured Overnight Financing Rate (SOFR.), the IDB said.
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