STATE ENTERPRISES’ INVESTMENT PROGRAMME 2014
33
SUSTAINING GROWTH, SECURING PROSPERITY
FINANCIAL SERVICES
EXPORT-IMPORT BANK OF TRINIDAD AND TOBAGO LIMITED
(EXIMBANK)
Trinidad and Tobago Export Credit Insurance
Company Limited (EXCICO) was incorporated
on December 31, 1973 and was later renamed
Export-Import Bank of Trinidad and Tobago
Limited (EXIMBANK) on November 4, 1997.
The company provides export credit insurance
to exporters against losses, discounts bills in
respect of goods exported from Trinidad and
Tobago on credit terms and facilitates pre-
shipment financing and trade related services to
exporters.
and equipment, which also includes
communication and information technology.
The estimated cost of this programme is
$688.4 million. Expenditure for the period
October 2012 to March 2013 was $1.8 million.
The projected expenditure for the periodApril
to September 2013 is $19.7 million and for
fiscal 2014 is $35.7 million.
ECONOMIC INFRASTRUCTURE
FIRST CITIZENS HOLDINGS LIMITED (FCHL)
NATIONAL ENTERPRISES LIMITED (NEL)
First Citizens Holdings Limited (FCHL) was
incorporated in May 1994 as a wholly owned
State Enterprise with its principal activity being
investment holdings. The company is the parent
of the First Citizens Group, holding 96% of the
share capital of First Citizens Bank Limited (First
Citizens).
National Enterprises Limited (NEL) was
established in August 1999 by the Government,
as part of a re-organisation exercise, to hold its
shareholdings in selected State Enterprises and
facilitate a public offering on the Trinidad and
Tobago Stock Exchange. The companies within
its portfolio are National Flour Mills Limited
(51%), Trinidad Nitrogen Company Limited
(51%), Telecommunications Services of Trinidad
and Tobago Limited (51%), NGC NGL Company
First Citizens Bank Limited was incorporated on
September 12, 1993 to take over the assets and
liabilities of the former National Commercial
Bank of Trinidad andTobago Limited, Cooperative
Bank of Trinidad andTobago Limited andWorkers’
Bank (1989) Limited. The Bank provides retail,
commercial and corporate banking as well as
investment banking services.
Limited (20%) and NGC Trinidad and Tobago
LNG Limited (37.84%).
In pursuit of itsmandate, NELheld an Initial Public
Offering in February, 2001 through which fifty
million of its shares were offered. Subsequently,
in September, 2002 NEL held its Second Public
Offering through which seventy-five million
shares were offered. Presently, Government
holds 66% of the shareholding of NEL.
