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 of Spain is the western hub of a metropolitan area stretching from Carenage, west of the city, to Arima, east; this East–West Corridor runs along the southern edge of Trinidad's Northern Range. From 1958 to 1962, Port of Spain was the temporary capital of the short-lived West Indies Federation, though there were plans to build a new federal capital at Chaguaramas, on land occupied by the US military base established during World War II. Federation Park, a residential neighbourhood in western Port of Spain intended to house employees of the federal government, is a memorial to that time. In July