Port of Spain a shopping and business centre for much of the country. Most government offices are also located in the city and many important government services can only be accessed in the Ministry offices located downtown. Within recent years, local banks headquartered here have helped it become a financial centre for the Caribbean and Central America region. Two of the largest banks in the Caribbean, Republic Bank, Trinidad and Tobago Limited and Royal Bank of Trinidad and Tobago (RBTT, reacquired by the Royal Bank in 2008) are headquartered here or base their Caribbean operations in the city. Trinidad's economy is based on
Port of Spain the past 4 decades. The private development scheme at Damien street Woodbrook recently provided 350 luxury-apartments, but those are unaffordable to most, even though they were originally intended for the general population. To address the problem, East Port of Spain Development Company was formed in 2005 with a mandate to develop and redevelop a zone in east Port-of-Spain to improve the economic, social and physical environment of those areas. Large parts of Port of Spain's Eastern entrance have been cleared of old warehouses and substandard housing. There are several new government housing projects in the city which are under construction