The Tobago House of Assembly (THA) issued its maiden bond on Friday in a bid to raise $164.175 million.

In a media release, the THA said the bond is to fund capital expenditure and accelerate the island's development. The bond was approved in 2019 as part of the THA's alternative financing policy initiative. The bond has a six-year tenure at a fixed rate of 5.2 per cent paid semi-annually.

"This bond is expected to fund a number of priority projects inclusive of housing, health and coastal infrastructure," the release said.

Deputy Chief Secretary of Finance and Economy Joel Jack said the bond is a historic achievement for the THA and the people of Tobago. He said the bond is poised to accelerate the pace of the island's development agenda.

Last year Finance Minister Colm Imbert said he would be working closely with the THA to issue the bond.

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