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May 12, 2015

DFC on the Right Track with Good Governance

Franklyn Magloire

In 2007, the Government of Belize liquidated the DFC as a result of a policy based loan made by the Inter-American Development Bank. As a result, the Caribbean Development Bank conducted a study to determine the availability of finance for priority sectors in the country. According to the Assistant General Manager of Lending Operations at the DFC, Franklyn Magloire, since 2009, the institution was reintroduced and restructured. Magloire says the DFC has now become a practitioner of good governance.

 

Franklyn Magloire, Assistant GM, Lending Operations, DFC

“That study contributed significantly to the G.O.B. rethinking its position, moving from a position of liquidating the organization to one of restructuring the institution. In 2008, again the CDB financed a consultancy for the review of the existing DFC legislation at that time and to make recommendations for the enhancement of a stronger support for the governance of DFC. I recall a guy named Mister Henry Knight at that time along with DFC members of staff spending countless hours reviewing legislation from other development banks both in the developing world and in the developed world and we concluded at that time that—nothing was fitting the DFC—we had to come up with something that was home-grown and that led to what we call the new DFC Act One of 2009 and that signaled the rebirth of DFC. In 2009, CDB approved a twenty million dollars credit line to the government of Belize to fund priorities sectors: education, residential mortgages, miscellaneous development, productive sector development. That credit line was to be administered by the DFC; we were the executing agency for that credit line. And that credit line also enabled the DFC to resume lending operations. Lending operations had been suspended since 2005, so for the first time in five years that twenty-million credit line enabled the DFC to open its doors back to clients to come in to finance your needs. In 2011, again, the CDB stepped in and provided the funding to finance a diagnostic study of the DFC and that study was aimed at ensuring that the corporation had the capacity and the capability to deliver quality banking services on a sustainable basis.”

 

The institution has since established a risk management function, the improvement of the accounting software and IT infrastructure and the identification of resources to assist DFC core business areas and reduce the corporation interest cost through a waiver on interest payments on all GOB debts.

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