AMCHAM T&T HOLDS DISCUSSIONS WITH U.S. DEPUTY ASSISTANT SECRETARY OF STATE FOR THE AMERICAS
A high-level discussion between United States Deputy Assistant Secretary of State for the Western Hemisphere, Dale Eppler and CEO of AMCHAM T&T Nirad Tewarie took place at the Outlook For the Americas Forum hosted by the Association of American Chambers of Commerce of Latin America and the Caribbean (AACCLA), in February 2019.
One of the main issues discussed at the meeting was the recent passage of the Better Utilization of Investment Leading to Development (BUILD) Act in October 2018 in the United States through the U.S. International Development Finance Corporation (USIDFC).
This discussion comes after AMCHAM T&T wrote to Trinidad &Tobago’s Ambassador to the Washington Brig Gen (Ret ’d) Anthony Phillips-Spencer requesting T&T lobby to have this country included as an eligible recipient of support under the BUILD ACT and through the USIDFC. According to the Act:
Sec. 101. Statement of Policy: It is the policy of the United States to facilitate market-based private sector development and economic growth in less developed countries through the provision of credit, capital, and other financial support.
Sec. 102. United States International Development Finance Corporation.102 (b) PURPOSE.—The purpose of the Corporation shall be to mobilize and facilitate the participation of private sector capital and skills in the economic development of less developed countries, as described in subsection (c), and countries in transition from nonmarket to market economies, in order to complement the development assistance objectives, and advance the foreign policy interests, of the United States. In carrying out its purpose, the Corporation, utilizing broad criteria, shall take into account in its financing operations the economic and financial soundness and development objectives of projects for which it provides support under title II.
AMCHAM T&T believes that there is need to advocate for T&T’s inclusion in the Act; although T&T is not eligible because it is classified as a high-income country, the socio-economic realities and the levels of private sector development in T&T do not support this categorization. Our exclusion will deny this
country access to capital that can assist in our development. Furthermore, no access can place T&T at an economic disadvantage to other countries who will receive support.
While there is much work still to be done on this, State Department officials indicated that they are aware of the issue and are willing to continue discussions on the matter.
The Outlook For the Americas Forum is an annual event where CEO’s and Board members of AmChams in the Western Hemisphere come together to discuss pressing business and economic issues affecting countries in the Americas. AMCHAM T&T continues to show its reach and impact across the region.
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