(Trinidad Guardian) Executive Director of the Inter-American Development Bank Robert Le Hunte believes that T&T’s long-standing water delivery problems can be properly addressed once and for all following a US$315 million loan to this country.
Le Hunte on Monday met with Public Utilities Minister Marvin Gonzales and Planning and Development Minister Pennelope Beckles to discuss the progress and execution of the loan to transform the operation of the Water and Sewerage Authority (WASA).
Le Hunte said the fact that both he and Beckles previously held the Public Utilities portfolio should not be taken for granted.
“The fact that we have three ministers of Public Utilities all lined up working in very important aspects attempting to address this long outstanding burning issue which would have been a priority in all of our times I think this is a good thing for the country so at least we get a very focused approach and hopefully we would be able to, with the money, now that money is available it is now about execution,” Le Hunte said.
Le Hunte said the IDB continues to be the major development financing institution for Latin America and the Caribbean and its focus is about improving the lives of the people of the region.
“The board itself was very attracted to this particular project and we are glad that we were able to provide the assistance,” Le Hunte said.
The way the overall US$315 million loan is structured it will be drawn down in different phases.
The first phase valued at US$80 million is aimed at boosting the efficiency, quality, sustainability, and resilience of T&T’s drinking water supply and water security.
As part of a US$315 million conditional credit line for the T&T National Water Sector Transformation Program, this initial operation will include institutional strengthening and capacity building to help the country’s Ministry of Public Utilities and its executing agency, WASA, improve their governance and sustainable management of water resources.
The programme will directly benefit an estimated 1,025,000 residents (310,665 households), plus an additional 279,500 residents (84,705 households) in surrounding communities. Approximately 16,841 business, agricultural, and industrial customers and charitable institutions in different supply areas will benefit as well.
Le Hunte said Monday’s meeting was aimed at ensuring the necessary administrative aspects are put in place to ensure for a smooth execution of the loan.
“Coming out of the meeting I was very satisfied with the different assurances and the commitments, we are also ready once the minister is able to start to look at the second phase so the different phases of the loan can run in parallel because we appreciate the importance of improving the water supply to the widest distribution of people as possible,” Le Hunte said.
The loan will be disbursed over the course of four years, with a 25-year repayment term, a 5.5-year grace period, and an interest rate based on the Secured Overnight Financing Rate
