PORT OF SPAIN, Trinidad and Tobago — IDB Invest is providing a financing package of up to US$ 200 million to First Citizens Bank Limited (FCBL) in the Republic of Trinidad and Tobago to expand access to credit for small and medium-sized enterprises (SMEs), low- and middle-income households seeking residential mortgages, and support the bank’s digital transformation. This transaction represents IDB Invest’s largest funding program to a financial institution in the Caribbean.

Small and medium-sized enterprises account for a significant share of economic activity in Trinidad and Tobago, yet many businesses continue to face challenges accessing long-term financing for growth and investment.  First Citizens is the second largest commercial bank in Trinidad and Tobago and a leading provider of financing to businesses and households. The transaction seeks to strengthen private sector development, promote financial health, and support economic activity across the country.

“This investment reflects our commitment to scaling up private sector financing in the Caribbean and bringing more resources to markets where they can make a difference. By working with strong local partners like First Citizens Bank and mobilizing additional financing from the Government of Japan through the JICA TADAC Fund, we can expand opportunities for businesses and families while supporting long-term economic growth in Trinidad and Tobago,” said James Scriven, CEO of IDB Invest.

Chairman of the Board of First Citizens, Mr. Shankar Bidaisee, said “this landmark partnership with IDB Invest represents more than a financing transaction. It reinforces First Citizens’ strength and reflects a shared commitment to fostering sustainable economic development and creating opportunities for businesses, families and communities to prosper. By strengthening our capacity to support key segments of the economy and invest in future-ready banking solutions, we are reinforcing First Citizens’ role as a trusted and leading financial partner in the development of Trinidad and Tobago.”

The operation will also help First Citizens continue modernizing its banking services and digital infrastructure, including capabilities that can improve operational efficiency, enhance the customer experience, and expand digital financial services and payment solutions.

The financing package consists of a senior unsecured facility of up to US$ 200 million, comprising up to US$ 140 million of committed loan, including US$ 100 million from IDB Invest and US$ 40 million from the Japan International Cooperation Agency (JICA) through its Trust Fund Achieving Development in Latin America and the Caribbean (TADAC Fund), as well as up to US$ 60 million of uncommitted loan from IDB Invest.

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $22 billion in assets under management and more than 440 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website: www.idbinvest.org/en.

About the TADAC Fund

The JICA Trust Fund Achieving Development of Latin America and the Caribbean (TADAC) is a fund managed by the IDB Group, established in collaboration with the Japan International Cooperation Agency (JICA) to promote sustainable development in Latin America and the Caribbean. Through an initial contribution of US$1.5 billion, the fund seeks to catalyze private investment by co-financing strategic projects. TADAC is JICA’s first fund with the IDB Group dedicated to the private sector and the largest in the region, reinforcing IDB Invest’s “originate-to-share” business model.

About First Citizens

 
First Citizens is a leading financial services group in the Caribbean offering a comprehensive suite of retail, commercial, corporate, merchant, trustee, investment and brokerage services, through its largest subsidiary, First Citizens Bank, and its diversified portfolio of companies, including First Citizens Bank (Barbados), First Citizens Trustee Services Limited, First Citizens Depository Services Limited, its financial services office in Costa Rica and First Citizens Investment Services Limited, one of the Caribbean’s largest full service securities trading companies operating in Trinidad and Tobago, Barbados, St. Vincent and the Grenadines and St. Lucia. Visit our website: www.firstcitizensgroup.com