IDB has approved a US$100mn loan for the government of Trinidad & Tobago, which will be used to improve and modernize management of public capital investments.
The loan is the first of three to help the government enhance efficiency, effectiveness, transparency and accountability in public resources, IDB said in a release.
The program includes implementing a new legal and institutional framework using best international practices for public procurement and a system using objective criteria to screen proposed public investment projects.
The project also includes strengthening the auditor general's institutional capacity to improve integrity and modernizing processes and information systems to better transparency and financial management.
The 20-year loan has a five-year grace period and Libor-based interest.