Republic Bank Signs $80m Loan Agreement With Turks And Caicos Government

December 17, 2020, Port of Spain- Republic Bank is pleased to announce that it has negotiated a US$80m Revolving Credit Facility (RCF) with the Government of the Turks and Caicos Islands.

Following an announcement on October 27, the Turks and Caicos Government launched a competitive procurement process with a Request for Proposals (RFP) in respect of the first stage of a debt strategy to manage the impact of the pandemic. The second stage of the strategy will be developed in 2021 as the post COVID-19 outlook becomes clearer, then executed after the election.

Premier Sharlene Cartwright-Robinson said “I am pleased to see that, despite the extraordinary challenges caused by the pandemic, we have been able to attract significant competitive interest from a number of banks to fund the full $80m requested. This is in large part thanks to years of responsible fiscal management, successive surpluses, long term debt reduction and transparent communication. I would like to take this opportunity to thank the Governor and the FCO Officials for their critical support to the process, Team Finance, the AG's Chambers, and my Cabinet colleagues for their respective contributions to this important financing. I am also excited to welcome Republic Bank to the Turks and Caicos Islands and I am optimistic that the Bank will become an important source of funding in the wider economy here.”

Nigel M. Baptiste, President and CEO of Republic Financial Holdings Limited (RFHL), the parent company of Republic Bank said “Our rich history in the Caribbean spans several decades. Having grown from being the first commercial bank in Trinidad and Tobago to having a wide Caribbean and international footprint, we are deeply committed to the people of the region and to their sustainable development. The Caribbean is the heart of our identity and we pride ourselves on serving the entire region. This partnering with the Government of the Turks and Caicos is a start to cementing our presence on the islands, which we hope will evolve over time to us serving the islands in a more meaningful way.”