Dr. Gonsalves to meet Trinidad Finance Minister

Prime Minister Dr.Ralph Gonsalves was expected to travel to Trinidad and Tobago this week to have a meeting with that country’s Finance Minister, Winston Dookeran.{{more}}

Gonsalves told the media earlier this week that he hoped to travel to the twin island republic to get an update on an agreement between that country and the OECS to capitalize the successor company to British American Insurance.

The former Trinidad and Tobago administration, headed by Patrick Manning, had agreed to invest US$100 million in the company, while the six OECS countries were expected to put an aggregate of US$75 million. This country’s contribution was expected to amount to 20 per cent of the OECS’s total.

Negotiations were also done with a third party to invest about US$30-40 million. Assets from British American Insurance were expected complete the necessary funds.

On June 4, 2010, Gonsalves wrote a letter to Dookeran and outlined the position of the agreement with the previous government. Gonsalves said over the last three months, he also kept in touch with him via telephone.

“He said they were studying the matter and that after the budget they will be able to have some clearer idea as to where they are going,” said Gonsalves.

Gonsalves disclosed that now that Trinidad and Tobago has finished their budget, there is a matter of urgency to see whether the new government will accept the framework, which had been agreed upon with the Manning administration or whether it has an alternative suggestion to make.

Following his visit to Trinidad and Tobago, the Prime Minister is expected to travel to New York on the weekend for a sitting of the United Nations. He is also expected to meet with Vincentians while there.