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May 12, 2015

DFC Launches Consolidated Credit Line

In financial news…the Development Finance Corporation in collaboration with the Caribbean Development Bank today launched the corporation’s seventh consolidated line of credit. Under the new agreement, the CDB will be providing twenty-one million dollars directly to the institution. According to the Chief of the Social Sector Division of the Bank, Deidre Clarendon, the loan was granted following an assessment from an independent consultant indicating that the DFC conforms to best practices in good corporate governance measures. The new credit line will not be limited to education; but extends to financing for housing, production, small businesses and energy initiatives in both urban and rural areas.

 

Deidre Clarendon

Deidre Clarendon, Division Chief, Social Sector Division, CDB

“The expected outcomes of this credit line includes improving the number of skilled graduates from poor households; improve the standard of living for low and middle income households and increase awareness and uses of energy efficiency and renewable energy modalities. Like you, CDB recognizes the central importance of human capital formation and the critical role of institutions like the DFC in the provision of affordable credit for education purposes. Higher education has contributed significantly to poverty reduction here in Belize and across the region. For decades, access to higher education has enabled many of our people in the lower economic stature to acquire the knowledge and skills needed to take advantage of employment opportunities, to improve the quality of their lives and to transition out of poverty. CDB has supported the government of Belize in enunciating a vision for the sector by financing the development of the education sector strategy, which was developed in 2011, and the current education sector reform project which is being implemented. This seventh consolidated line of credit will provide about two point five million US dollars for student loans and those pursuing tertiary and technical education. this includes an allocation of about half a million dollars to fund students from financially disadvantaged households who have the academic capabilities and qualifications but are constrained by lower irregular income and their inability to meet security requirements for the loan. The government has also recognized the important role that micro, small and medium enterprises play in the economy of Belize particularly in terms of harnessing diversity, innovation and entrepreneurship as well as providing employment opportunities. Access to affordable credit by this group remains constrained by inadequate security, high administrative cost and insufficient funds for lending by specialized micro-enterprise credit institutions. And we recognized that there is a strong demand for funding by these small scale entrepreneurs in Belize. Through this line of credit, DFC will be able to make loans to approved financial institutions including organizations like the credit unions so that they can lend to the microenterprises.”

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2 Responses for “DFC Launches Consolidated Credit Line”

  1. Pleez! says:

    Micro enterprises aren’t working in Belize. When you evaluate the real successes and failures of
    micro enterprises at NGO’s and Credit Unions who provide this kind of lending to members you
    will uncover the truth………this is just another case of throwing GOOD Money at BAD programs. Government NEEDS to create some REAL employment and stop this “Hands Out” program that
    institutionalize poverty!!

  2. Timber says:

    You’re so right. DFC keeps getting it wrong. They don’t know how to evaluate people when they come in for loans and approve loans without any common sense. People come in and don’t produce required documents nor documents that even make sense and still recommended for loans. DFC has a very high percentage of loans in default. This organization has been a mess for years, PUP included, Troy Gabb and the likes. I notice that he and Darryl Carter have suddenly become experts. If you think you’re waiting for PUP to get back in power, we have a surprise for you. Neither of the two of you are welcome,including Rene Skeen who thought he was untouchable. So, it’s in both you and Skeen’s interest, Darryl, for banks to sell your properties. Your hustlings are done. Maybe Natalie Ewing Goff, Thompson in Belize city branch and his supervisor learn to be leaders and be efficient instead of encouraging incompetence and laziness in their offices.

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