Trinidad and Tobago agreed to a $246.5 million loan from the Inter-American Development Bank, the first part of a three-phase wastewater program designed to stem the discharge of raw sewage in Trinidad’s waters.
The signing of the loan last week with IDB President Luis Alberto Moreno and Trinidad government officials allows two wastewater treatment plants to be constructed in San Fernando and Malabar. It’s the largest loan that the bank has in any country in the English-speaking Caribbean, according to the IDB.
The Washington-based lender said in a website statement that the accord is the first stage of a five-year, $546.5 million water works program to improve environmental conditions on the island by curbing the release of untreated wastewater into the Caribbean, integrating a sewer network and expanding sewage collection. The loan is for 25 years with a 5-1/2 year grace period and a variable interest rate based on Libor, it said.