Govt signs agreement to help Port of Spain Port

GOVERNMENT has signed a letter of agreement with the Inter-American Development Bank (IDB) that is aimed at improving cargo handling operations for the Port of Spain port.

Planning and Development Minister Penelope Beckles-Robinson signed the agreement on Government's behalf at the Hyatt Regency Hotel in Port of Spain on Tuesday. This happened on the final day of the Caricom special symposium on crime which was held at the same venue on Monday and Tuesday.

Works and Transport Minister Rohan Sinanan and Public Administration Minister Allyson West were also present for the signing ceremony.

A statement issued by the Planning and Development Ministry on Thursday said the signing of the letter was important to support Government's initiative to seek a public private partnership (PPP) project for cargo handling operations at the Port Authority of TT.

"The project scope is estimated to cost US$1,500,000."

The project involves positioning the Port of Spain port as TT's first and major multi-purpose port, strategically located at the crossroads of major international maritime trade links through the Panama Canal.

The ministry said the signing of the letter was important in undertaking the necessary technical co-operation for the project.

That includes feasibility studies (technical, financial, legal), to design the best model and define the framework for bidders to present their proposal, draft the PPP contract and support Government in the bidding process with potential private sector partners until the contract is signed.

The ministry said, "The ultimate goal of the project is to promote TT’s economic growth and development by improving port efficiency and competitiveness in the country through a PPP in line with the National Development Strategy (Vision 2030) 2016-2030."

The ministry added that through upgrading the Port of Spain port's infrastructure through private investments, it would enhance the port's competitiveness and and help it to catch up with its regional competitors.