TTMF–IDB Invest Housing Partnership

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For project inquiries, including environmental and social questions related to an IDB Invest investment, please contact the client or IDB Invest using the contact information provided above. As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism.
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Project Number: 
Expected Consideration Date by the Board: 
Date Posted: 
Trinidad and Tobago Mortgage Finance Company (“TTMF”)
Financing Requested: 
Up to TTD203 million (approximately US$30 million)
Financial Markets
Environmental and Social Category: 
Trinidad and Tobago
Scope Objective: 

The Project consists of a guarantee for up to TTD 203 million Trinidadian dollars (“TTD”), equivalent to US$30 million, to support a TTD670 million bond issuance by TTMF. TTMF provides residential mortgages to buy houses, land, home improvement, and home equity. The IDB Invest’s role will be to issue a Partial Credit Guarantee (“PCG”), for 30%-50% of the total bond issuance, with the goal of improving the rating profile for the TTMF bond. The bond will have a five-year tenor.

TTMF focuses on providing affordable residential mortgage financing in Trinidad and Tobago. As a not deposit taking institution, TTMF relies primarily on bonds to fund its lending operations. The proposed project will be approved under the following delegated facility: “Debt Capital Markets Program.”

Environmental Review: 
  1. Overview of Scope of IDB-Invest E&S Review The environmental and social review of the proposed transaction was carried out through an E&S on-site due diligence mission, subsequent in-country meetings as well as desk research of pertinent information from the client. This included a review of basic credit risk evaluation and management procedures applied by TTMF.
  1. Environmental and Social Categorization and Rationale The portfolio of personal loans is considered low risk given the concentration in low-income residential mortgages. In the last 16 years through its portfolio of residential loans, TTMF has reached roughly 11,700 borrowers, with an average loan value of approximately US$56,757. Per the IIC’s Environmental and Social Sustainability Policy, this Financial Intermediary (“FI”) operation has been categorized as FI-3.
  1. Environmental and Social Risks and Impacts The environmental and social risks of underlying transactions are considered very low. One of the conditions of approval set by the Local Regional Authority and the Town and Country Planning Division for the construction of any housing development (whether public and private) is approval from the Environmental Management Authority (EMA) which is the national environmental assessment compliance agency in Trinidad and Tobago. TTMF includes this requirements in the screening checks as part of the credit adjudication process. TTMF’s credit risk system also includes legal compliance verification. 
  1. Mitigation Measures TTMF will be required to ensure that all residential mortgage loans comply with the IDB-Invest List of Excluded Activities, and applicable local environmental and social laws as per Housing Development Corporation (“HDC”)  and EMA requirements. TTMF has already illustrated where and how, in its credit risk evaluation and management system, it will incorporate the basic environmental and social procedures into its manuals.
  1. E&S Action Plan No Environmental and Social Action Plan is required.


Contact Information: 

For inquiries about the Project, contact:  

Client Contact Name: Brent Mc Fee
Title: Chief Operating Officer
Phone Number: +1 868 627-8634
Email Address: