Tancoo returns from meetings in Spain

FINANCE Minister Davendranath Tancoo has concluded his trip to Spain where he chaired the 185th Development Bank of Latin America and the Caribbean (CAF) board of directors meeting on June 29, in Seville, Spain.

In a release on July 4, the Ministry of Finance said this makes it the first time that a Caricom nation has chaired the meeting.

Trinidad and Tobago assumed CAF chairmanship in March, becoming the first English-speaking country to do so.

At the meeting, CAF approved US$5.2 billion for 16 operations in ten countries in the region.

These funds will be allocated to infrastructure, climate action, human development, urban mobility and energy transition projects.

CAF’s board also approved a US$100 million loan to the Bahamas for Energy Sector Reform.

It also approved Barbados’ full membership, the incorporation of Saint Lucia as a shareholder country and increased shareholding for Antigua and Barbuda.

Tancoo also attended meetings during the Fourth International Conference on Financing for Development.

These meetings included discussions with the European Commission, economy and finance ministers from the Community of Latin American and Caribbean States and the Arab Coordination Group, the release said.

Tancoo also participated in a panel discussion which focused on financing development in the Caribbean.

"These talks are more than policy, they're about unlocking real investments for education, jobs, food security, climate resilience, infrastructure, risk management and innovation.

"The ministry is working to help secure strategic investments and policy alignments that underpin long-term inclusive growth for our country and the region.

"We are also pushing for reforms to make development financing more affordable and accessible to the people of TT. This is how the ministry is bringing TT priorities to the global stage and turning them into transparent action at home."

Tancoo said he was proud to represent TT and CAF in these discussions.