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Trinidad: Govt to borrow US$104m from Chinese Investors to fund industrial park

Trade Minister Paula Gopee-Scoon said yesterday the Government plans to borrow US$104 million from China to finance the construction of the 133-acre industrial park at Point Lisas, which is to be named Phoenix Park Industrial Estate.

Speaking at the signing of a distribution agreement and memorandum of understanding (MoU) with Chinese state-owned entities, at the Ministry of Foreign Affairs, Tower C, Wrightson Road, Port of Spain, Gopee-Scoon said: “This park will be financed through a loan agreement with the Export-Import Bank of the People’s Republic of China in the amount of US$104,295,000 and will cover an area of 133 acres with a range of acreages; contain five factory shells each at 5,000 square metres; and promote Government’s diversification efforts as it targets firms in the areas of high-value and light manufacturing, logistics/warehousing, and emerging industries (electronic technology, information technology, energy-saving ecological building materials and biotechnology).”

Communications Minister Stuart Young, who was at the signing ceremony, said the tenants at the proposed industrial estate are being considered for free zone status.

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