Exim Signs Trinidad & Tobago MOU

The Export-Import Bank of the United States (EXIM)  signed a US$500 million Memorandum of Understanding (MOU) for the Republic of Trinidad and Tobago. in a ceremony in Port of Spain, Trinidad June 20.

The MOU will develop opportunities and support financing in the "maritime domain awareness, cybersecurity, renewable energy, and water sanitation sectors."  In addition, the bank delivered a  $150 million Letter of Interest to finance "maritime vessels and aircraft in support of its maritime operations."

Minister of Finance Hon. Colm Imbert, MP noted "It will allow us to readily access US-manufactured goods and services, together with technical support, for many of our needs, including specialized equipment and systems for national security, such as for patrol vessels, patrol aircraft and cybersecurity, as well as renewable energy systems, assistance in dealing with climate change, support for small business and so on. "

Over the past 5 years the exports of United States to Trinidad and Tobago have increased at an annualized rate of 17.4%, from $797M in 2017 to $1.78B in 2022.

The main products that United States exported to Trinidad and Tobago were Refined Petroleum ($969M), Planes, Helicopters, and/or Spacecraft ($136M), and Iron Ore ($120M)

The main products that Trinidad and Tobago exported to United States were Crude Petroleum ($1.32B), Ammonia ($1.17B), and Petroleum Gas ($904M).

Trinidad is Latin America's largest producer of liquefied natural gas (LNG) with installed capacity of 15 million metric tons per year, and one of the world's biggest exporters of methanol and ammonia, but its plants have been operating below capacity in recent years due to a lack of gas supply, according to Reuters.

In May the U.S. Treasury Department granted a license to BP and Trinidad's NGC to develop the Cocuina-Manakin gas fields in the maritime border between Trinidad and Tobago and Venezuela.  

Another license for a larger gas project, called Dragon, which lies in Venezuela's waters, was issued by Washington last year.