June 15, 2020

Government Receives US$50Million Loan To Improve Living Conditions Of Low-Income Households

By Newsroom

The Inter-American Development Bank (IDB) has approved a US$50 million (TT$338 million) loan to improve the living conditions of low-income households and invest in urban spaces.

While the loan has been approved at the level of the IDB’s board of governors it still has to be formally approved by the government of Trinidad and Tobago.

In a statement on Monday, Minister in the Ministry of Planning and Development, Cherrie-Ann Crichlow-Cockburn, said the initiative will see sites upgraded from Sangre Grande to Diego Martin as well as urban regeneration in both Port of Spain and Scarborough.

“This initiative will also directly support more than 3,500 households to affordably improve their housing conditions with a special focus on assisting low-income families,” she said.

The Ministry says the Urban Upgrading and Revitalization Program is part of the Government’s strategy to foster more sustainable development and is directly aligned with the Vision 2030 National Development Strategy for Trinidad and Tobago under Theme III, Putting People First; Nurturing our Greatest Asset.

The Program has four key components to fulfill its core objective, these include: (i) improving the livability of urban settlements; (ii) boosting urban renewal; (iii) enhancing housing conditions of low-income households; and (iv) working with key stakeholders to address the medium-term housing and sustainable urban development needs of the country.

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