The project seeks to boost trade and development by optimizing port capacity.
The Inter-American Development Bank (IDB) and the Global Infrastructure Facility (GIF) are supporting Trinidad and Tobago in the development of a public-private partnership that will improve cargo services at the port of Port of Spain, boosting trade and enhancing the country’s competitiveness.
The PPP is expected to invest up to $270 million, aiming to boost port productivity by more than 50%. The new private operator will manage all the port’s cargo handling activities, ranging from general cargo operations and terminal handling to weighing and reefer services. Trinidad and Tobago’s Port Authority has issued a public notice to companies interested in participating in the project tender. The project has generated significant interest from private sector participants, who have until July 15th to register.
“This is an ambitious project that aims to significantly boost the port’s efficiency and capacity. The partnership with the government, the IDB and GIF has been instrumental in structuring this opportunity, which is related to IDB’s commitment to maximize the impact of our work in Trinidad and Tobago, focusing on resilient and sustainable infrastructure that enhances the country’s competitiveness, trade, and the quality of life of its people,” said Carina Cockburn, IDB Country Representative in Trinidad and Tobago.
The project targets to increase the effective capacity of the port from 340,000 TEUs (twenty-foot equivalent unit) to 620,000 TEUs in the short term and up to 1,100,000 TEUs in the long term. Additionally, the project includes optimizing existing infrastructure in the short term to enhance competitiveness.
This project is the first PPP structuring in the Caribbean to receive support from both the IDB and the GIF. The GIF is a global collaboration platform that integrates efforts to boost private investment in sustainable, quality infrastructure projects in developing countries and emerging markets.
