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Apr 28, 2015

PM Returns from Meeting with Bank of America and Carnival Reps in Miami

Prime Minister Barrow has been away on official business in Miami where he met with representatives from the Bank of America and Carnival Cruise Lines to discuss separate issues pertaining to Belize’s investment and tourism sectors.  He returned from his working visit this afternoon and gave the media an impromptu briefing on the outcome of his meetings.  Since his address at the Seventh Annual Summit of the Americas in Panama a few weeks ago, there has been much concern about the issue of derisking.  The ongoing exercise has seen a number of international financial institutions, including the Bank of America, withdrawing correspondent services from other banks within the Caribbean region.  The effect, said the prime minister, would be detrimental to the survival of small economies.  According to the PM, a plan of action has been put together in respect of the fallout. While in Miami, he also met with Carnival Cruise Lines on the issue of the proposed Stake Bank Tourism Development Project.  His brief comments on the respective outcomes precede Wednesday’s press conference.


Dean Barrow

Prime Minister Dean Barrow

“Well with respect to Bank of America I think that the way forward is clear.  I think that what is going to be permitted and not permitted in terms of the government’s handholding with the Belize Bank.  Again, there is the press conference tomorrow at which I am prepared to answer all questions.  So for now I will limit it to that.  It was useful, we know exactly how we are to proceed and that’s been extremely helpful. In terms of Carnival, again my mind is certainly clear as to Carnival’s position re Stake Bank and that again, alone was worth the trip.”



“Okay.  So then there is a, I’m imagining that you’ll reveal this at the press conference tomorrow what the way forward for is cruise tourism in Belize is?”


Prime Minister Dean Barrow

“Well, I will reveal what the discussions with Carnival disclosed and certainly those discussions are helpful in terms of plotting the way forward.  I can’t suggest that there is all of a sudden now a very bright, well-defined yellow brick road.”

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