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The Government of Trinidad and Tobago announced its plan to raise up to US$1 billion by borrowing from international investors. Finance Minister Davendranath Tancoo shared that J.P. Morgan Securities LLC and Bank of America Securities Inc. have been appointed as joint lead managers for the issuance on the international capital market. The borrowed funds will be garnered through the sale of bonds or notes to global investors, targeting mainly qualified institutional buyers in the U.S and investors outside the U.S. The raised money will be directed towards supporting government development projects and refinancing existing debt. The borrowing move comes at a time when the economy is under pressure, including debt servicing for existing obligations.
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