By: Staff Writer
November 11, 2020
A senior RBC executive said that he is “proud” to help provide finance to Trinidad’s Home Mortgage Bank as a part of an Inter-American Development Bank (IDB) programme.
Darryl White, chief executive officer of RBC Financial Caribbean Limited and regional vice president for corporate and investment banking at RBC Caribbean, told Caribbean Magazine Plus: “RBC was proud to work with IDB Invest to help provide financing to Home Mortgage Bank (HMB).
Financial Caribbean Ltd
“Our purpose is to help our clients thrive and our communities to prosper. Not only will this facility provide a much-needed boost to an essential part of the economy, but it also brings homeownership within reach of hundreds of families while adding to the strength and stability of the domestic financial services sector. RBC recognizes homeownership as a cornerstone to stable and progressive communities, and this facility is consistent with our efforts to contribute in a wholesome manner to the people of Trinidad &Tobago.”
“In this transaction RBC provided a TTD line to IDB Invest to facilitate IDBI’s lending to the HMB.”
Mr White, also added: “RBC’s purpose of helping our clients thrive and our communities prosper is in harmony with IDB Invest’s mandate to support sustainable development in its member countries. We are excited to partner with IDB Invest in this innovative transaction that affords the opportunity of home ownership to hundreds of citizens of our twin island nation.”
In a release to the media about the programme, the IDB said: “The IDB Invest, a member of the IDB Group, will provide a loan to Home Mortgage Bank (HMB) for $250mTT dollars, with a tenor of five years. With support from RBC Caribbean, the financing will be used by HMB to finance the growth of HMB’s secondary mortgage portfolio supporting middle and lower middle-income families and individuals in Trinidad and Tobago.”
“The project is expected to make a positive economic contribution to Trinidad and Tobago by supporting housing financing, while also promoting the growth of Trinidad and Tobago’s domestic financial services market. This deal also offers an opportunity to extend the duration of financing at similar rates and the possibility of being secured by a pool of mortgages rather than investment securities.”
“At IDB Invest we are very proud to carry out the first bilateral loan in local currency with a non-bank financial institution in Trinidad and Tobago. This partnership with RBC Caribbean and Home Mortgage Bank will increase access to housing financing for middle and lower middle-income families and individuals in Trinidad and Tobago,” said James Scriven, ceo of IDB Invest. “In addition, it will promote the growth of the domestic capital market and contribute to its economic development. Thanks to this financing, we reaffirm our commitment to promote trade and development in the Caribbean region.”
Brent McFee, acting ceo of HMB commented, “HMB is proud to partner with IDB Invest in undertaking such a momentous venture. This facility will not only contribute to the economic development of Trinidad and Tobago but improve the lives of hundreds of families. In addition to the overt benefits, this facility will assist HMB in the fulfilment of its mandate, set by an Act of Parliament, to maintain a secondary mortgage market in Trinidad & Tobago.”
“This deal potentially contributes to four United Nations Sustainable Development Goals (SDGs): No Poverty (SDG 1), Decent Work and Economic Growth (SDG 8), Reduced Inequalities (SDG 10) and Sustainable Cities and Communities (SDG 11).
