Farley Unveils Strategy for Multi Billion Dollar Development Fund
At the launch of the Tobago People’s Party (TPP) « Blueprint » ahead of the upcoming January 12th elections, Chief Secretary Farley Augustine outlined a major strategic pivot aimed at securing Tobago’s financial independence. Addressing the audience, Augustine revealed that while the administration initially sought to establish a « Tobago Development Bank, » legal and statutory hurdles enforced by the Central Bank in Trinidad made that path unviable without explicit authorization from Port of Spain.
To circumvent these limitations and avoid potential legislative stalemates, the administration has instead operationalized the « Tobago Development Fund ». Augustine explained that this entity is designed to function with the capacity of a development bank but without the restrictive red tape. While the fund currently holds $10 million in startup capital, the Chief Secretary clarified that this is merely the seed money for what is envisioned to be a multi-billion dollar enterprise capable of funding both government infrastructure and private sector projects.
The Chief Secretary emphasized that the Fund was built on international best practices rather than solely local political input. He noted the involvement of Ms. Vernie Shield, a recommendation from the Tobago Chamber of Commerce, to lead the project’s inception, ensuring the initiative remained credible and commercially viable. Furthermore, the administration collaborated with the Caribbean Development Bank (CDB), the Inter-American Development Bank (IDB), and international experts like Dr. Selvon Hazel to structure the fund correctly. Augustine declared that this mechanism has already successfully funded major public projects, proving its efficacy even before the election cycle.
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