Downloads Collaboration: Working together for the development of the targeted communities.
 
Funders
The Inter-American Development Bank (IDB)
Atlantic
Partners
Point Fortin Borough Corporation
Universite of the West Indies
UWI logo
  1. What is LED
  2. Project Overview
  3. Area Baseline
LOCAL ECONOMIC DEVELOPMENT (LED) can be defined as a multi stakeholder participative process that promotes collaboration and shared responsibilities for development in a specific territory.
The aim of a local economic development approach is to facilitate the design, implementation and monitoring of a sustainable development strategy, based on the use of local resources to create jobs, through economic diversification of the territory.
The project entitled: “Developing and Implementing a LED Framework for Regions with Extractive Industries” originated from a request by Atlantic to Multilateral Investment Fund of the IDB to assist the company in defining and implementing a sustainable intervention to promote social and economic development in their host community, which is located in the country’s southwest peninsula. Based on MIF’s experience in the design and implementation of LED programs in Latin America, a workshop was convened in December 2010 which resulted in a participatory diagnostic of the southwest peninsula and a LED action plan for the area. Subsequent to this, a working group consisting of representatives from Atlantic, the Point Fortin Borough Corporation, social sector, academia and civil society was developed.Over the period January – July 2011 a series of workshops were conducted to prioritize, refine, and confirm the core components that form the basis of this project. The project officially commenced on August 23rd 2012.
The goal of the LED project is to expand the adoption of regional economic development policies and strategies based on public-private interaction and geared to economic, social, and environmental sustainability. The purpose is to develop and implement an LED model for regions with extractive industries to support sustainable and inclusive socio-economic growth in the southwestpeninsula of Trinidad.
The energy sector has played a critical role in the development and economic stability of communities in the southwest peninsula of Trinidad, however, in today’s globalized world, sustainable competitive advantage no longer depends only on finite natural resources but on the skills, competencies and innovativeness of people. Furthermore, the decrease in output in the energy sector in recent years has contributed to the urgency to achieve growth through non-energy sector activities. It is in this regard, that Atlantic remains committed to the development of its host community and environs. Despite Atlantic’s efforts to improve the economic climate within its host community and surrounding areas, social and economic indicators, since 1996 have improved marginally at best. According to the recently published Human Development Index in 2012, multidimensional poverty of individuals within the Borough of Point Fortin and the wider Siparia County continue to be higher than other counties. Even further a baseline study of Point Fortin conducted by the University of the West Indies in 2008 found that the unemployment rate in the Borough was 19.1%, more than twice the national rate of 8.3%. In 2011 the unemployment rate in Point Fortin was 18.1% as compared to a national average of 4.9%. In 2005, a poverty assessment indicated that the region was one of the poorest areas of the country. The poverty rate of the Borough of Point Fortin is one of the highest in the country, estimated at 24.6%, significantly higher than the national average of 16.7% as stated in the 2005 Ministry of Social Development “Survey of Living Conditions Report”.
In 2012 the Trade and Economic Development Unit (TEDU) conducted a baseline study of the six targeted communities in the southwest peninsula. Some of the findings of the baseline reflected that the majority of students at the primary school level in the region attained mean scores below that of the national average on the Secondary Entrance Assessment (SEA) examinations. Similar trends were revealed at the secondary level as well with less than 50% of students in three of the five secondary schools in the southwest, attaining five subjects inclusive of Mathematics and English. In addition to poor educational performance there is also a high incidence of school dropouts.
The baseline also revealed that in the case of business activity, the majority of communities experienced a decline in the number of businesses with only marginal increases in communities that experienced a rise in the number of businesses. The survey also clearly demonstrated a lack of diversity in the type of businesses in the region. Indeed subdued growth in non-energy sectors (a consequence of the Dutch Disease Syndrome) has no doubt contributed to some of these social and economic realities.

Funders






The Inter-American Development Bank (IDB)

The Inter-American Development Bank (IDB) is a leading institution for development financing anda partnerfor countries of Latin America and the Caribbean. The Bank provides solutions to development challenges in 26 countries partnering with governments, institutions and civil society organizations.

 

Atlantic
Atlantic is one of the world’s largest producers of Liquefied Natural Gas (LNG) from natural gas delivered from fields in and around Trinidad and Tobago. Atlantic is the operator of a four-train liquefaction facility located in Point Fortin, on the southwest coast of Trinidad. The company generates value for shareholders, its employees and the community through dedication to the safety of people and operations.

Partners






UWI logo
Point Fortin Borough Corporation
The Point Fortin Borough Council is the local authority for the town and surrounding areas, responsible for the full range of local government services to a population of approximately 23,000 people. The Mission of the Council of the Point Fortin Corporation is the provision of good governance for the Borough of Point Fortin aimed at the improvement of the quality of life of its burgesses by providing efficient and effective service within its statutory functions, to enable their social, cultural, physical, political and economic well-being through a participatory process.

Trade and Economic Development Unit
The Trade and Economic Development Unit (TEDU) is a research cluster of the Department of Economics. The main focus of the unit is regional trade, trade-related and development issues. The aim of the TEDU is to become an intellectual hub for the wider Caribbean region for technical and theoretical expertise as it relates to trade and economic development issues in the Caribbean. TEDU is the implementing unit for this intervention type project.