T&T Gets US$42Mn Loan From IDB

• The Inter-American Development Bank (IDB) has approved a US$90Mn Conditional Credit Line for Investment Projects, which includes a first individual loan of US$42Mn, to facilitate the digital transformation of Trinidad and Tobago by supporting the expansion and enhancement of the digital economy.
• This programme represents a product that has been borne from over two years of very close collaboration between the IDB and the Ministry of Digital Transformation,' IDB's executive director for the Caribbean Constituency Robert Le Hunte stated.
• 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 the 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 modernisation of cybersecurity public policy, regulations, standards, and protocols, among other actions.
• Some benefits of this programme include selected government agencies receiving institutional strengthening support to advance their use of data interoperability platforms and cybersecurity management. 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.

 (Sources: CariCris & Inter-American Development Bank)