Printer Friendly

United States : Trinidad and Tobago to strengthen its trade facilitation processes with help from the IDB.

The Inter-American Development Bank (IDB) has approved a $25 million loan to Trinidad and Tobago to help the Caribbean nation improve its trade facilitation processes, part of an effort to boost and diversify the economy.The loan will help strengthen the country s Single Electronic Window for Trade and Business Facilitation Project (TTBizLink), a secure business portal created in 2009 that simplifies foreign trade and business processes by providing around-the-clock access to relevant government services. The platform seeks to substantially reduce time and costs of trade and business transactions for private sector users while gathering and sharing relevant information among government agencies to simplify processes and optimize revenue collection.

The loan will support business processing reengineering and risk management for government agencies, an e-payment solution, the connection with Ports and Customs systems, an intermodal logistics platform, and the interoperability with other single windows, among other things.

More than 70 countries around the world have implemented single-window systems, and multiple studies have shown that they experience substantial cost and time savings and enhanced transparency and interagency collaboration. Mexico, Colombia, Costa Rica, Chile and Peru are among the countries in Latin America that already have experienced significant improvements thanks to their single window programs.The IDB loan is for 25 years, with a grace period of 5-1/2 years and an interest rate based on LIBOR.

[c] 2015 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2015 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Date:Nov 17, 2015
Words:237
Previous Article:United States : IFC and ADOPEM Support 140,000 New Loans for Micro-Entrepreneurs in the Dominican Republic.
Next Article:United States : Abengoa awarded the engineering and construction of two new power transmission lines, a substation and the extension of an existing...
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters