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Feb 9, 2016

Belizean Banks Invested U.S. $54 Million in Green Tropics Project

Douglas Singh

We’re not sure the breakdown of monies invested into the Santander facility has ever been public knowledge. The project has been sold repeatedly as a hundred and fifty million dollar U.S. foreign investment. Singh broke it down for us today and the truth is that more than fifty million dollars U.S. is actually being invested through our domestic banking system. 

 

Douglas Singh, Chairman, Social Security Board

“The total amount loan…what we have is a total of eighty-nine million dollars that has been loan so far to the project; the additional six that was approved by Social Security—and I am speaking in terms of U.S. dollars. Even though this is in U.S. dollars, Social Security cannot lend U.S. dollars; we lend Belize dollars, so it would be the equivalent in Belize dollars. But of the eighty-nine thus far, there are four banks in Belize—one of the banks is an international division and a domestic division—that has lent into the project and combined those add up to fifty-four million U.S. dollars from the banking system in Belize, which includes an international bank and the others domestic banks. There’s a Guatemalan Bank, Bank Colombia, which loan fifteen million U.S. dollars. Banco Aliado, Panama another ten million U.S. dollars and CIFI in Washington DC another ten million U.S. dollars. The remainder of it came from the banking system in Belize.”

 

Just for a clarification, Singh also noted that there is no connection between this Santander Group and the mega-billion dollar Santander Bank in Spain.

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