The mat­ter con­cern­ing the Port-of-Spain Wa­ter­front De­vel­op­ment Ltd (POSWDL), a sub­sidiary of the Ur­ban De­vel­op­ment Cor­po­ra­tion of T&T (UDe­COTT), as out­lined in the Au­di­tor Gen­er­al's Re­port, has sur­faced as a sig­nif­i­cant point of con­tention re­gard­ing the trans­paren­cy of sov­er­eign debt.

Cen­tral to the is­sue is a US$500 mil­lion (ap­prox­i­mate­ly TT$3.37 bil­lion) fi­nanc­ing arrange­ment that seems to have been struc­tured to "ob­scure" the gov­ern­ment's true fi­nan­cial ex­po­sure.

Un­der the ad­min­is­tra­tion of the Peo­ple’s Na­tion­al Move­ment (PNM), POSWDL se­cured a 15-year fi­nanc­ing arrange­ment with UMB Bank NA (Kansas City, Mis­souri).