IDB Provides Climate Change and Financial Sector Funding to Trinidad and Tobago
5 December 2011: The Inter-American Development Bank (IDB) approved two loans for Trinidad and Tobago totaling US$130 million, including US$80 million for climate change measures and US$50 million to strengthen the financial sector.
The loan focusing on climate change activities will support the incorporation of climate change into national policies and institutions. It expects to promote national carbon markets and policies to reduce greenhouse gas (GHG) emissions. As a small island developing State (SIDS) vulnerable to climate change impacts, the loan will also strengthen and modernize regulatory, institutional and policy frameworks to develop and promote instruments to assess and reduce vulnerability and risks associated with climate change.
The loan focusing on the financial sector is aimed to strengthen supervisory and regulatory frameworks, as a means to reinforce macroeconomic stability to minimize the probability of exposure to any future vulnerability or systemic crisis. The Ministry of Finance will be in charge of both projects. [IDB Press Release] [IDB Press Release]