By Clint Chan Tack Thursday, February 4 2010

GOVERNMENT is making progress in following through on the strong economic interests in this country which were expressed by delegates who attended the Fifth Summit of the Americas and the Commonwealth Heads of Government Meeting (CHOGM) in Port-of-Spain last year.

A statement issued by the Ministry of Finance last Tuesday indicated that the Government held discussions with the Corporacion Andina Formento/Andean Development Corporation (CAF) last Monday “to explore areas of future collaboration.”

The talks took place at the headquarters of the Ministry of Finance, Eric Williams Financial Complex, in Port-of-Spain. Finance Minister Karen Nunez-Tesheira, Foreign Affairs Minister Paula Gopee-Scoon and Trade and Industry Minister Mariano Browne represented the Government at the talks. The CAF team was led by Luis Sanchez Masi, special advisor the CAF’s executive president Enrique Garcia.

Officials from Evolving Tecknologies Enterprise Development Company (Eteck), the Urban Development Corporation of Trinidad and Tobago (Udecott), the TT Chamber of Industry and Commerce and the Bankers Association also participated in the talks. “The areas of partnership include access by TT to financial advisory services from the CAF and deepening linkages between TT and Latin American financial and capital markets,” the Finance Ministry said.

Nunez-Tesheira has previously indicated that there was strong interest from Latin America, even during the ongoing world financial crisis, in this country’s plans to establish an international financial centre.

The talks between Government and the CAF team also explored opportunities for partnership between Government and private sector organisations “in the development of infrastructural and social projects.” The ministry added that the discussions confirmed the strong coming out of this country’s successful hosting of the Fifth Summit and the CHOGM, which brought together Heads of State and Government and business leaders. The talks also underscored Government’s commitment to establish closer ties with Latin America and the Caribbean.

Last week’s talks were a follow-up to discussions between Nunez-Tesheira and Garcia last April which resulted in the signing of an agreement between Government and the CAF “to increase TT’s investment in the multilateral financial institution, which makes additional resources available to the country for the financing of development and regional integration projects.”

Sanchez Masi, during last week’s talks, said CAF lends at competitive rates, “particularly for social projects.” “The organisation is flexible and its approval time of projects takes place within a short space of time compared to other multinational lending agencies.”

CAF was established in Caracas, Venezuela, 40 years ago. The organisation is a multilateral financial institutions which supports sustainable development and regional integration in Latin America, the Caribbean and Europe.

The CAF is the main source of financing for Andean region countries and the most important institution for infrastructure financing in Latin America.