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Dec 5, 2011

IDB bequeaths $650,000 to BELTRAIDE

BELTRAIDE, the investment promotion arm of the government, signed up today with the International Development Bank for a major grant as part of the Compete Caribbean Program. The forty million US dollar private sector development program is jointly funded by the IDB, the United Kingdom Department of International Development (DFID) and the Canadian International Development Agency (CIDA). Six hundred and fifty thousand Belize dollars is being provided to increase the effectiveness BELTRAIDE in investment promotion.  The letter of Agreement with BELTRAIDE and the IDB was signed earlier today at the Radisson.

Anneke Jessen, Representative, IDB

Anneke Jessen

“We’re delighted today to sign a technical cooperation project financed by Compete Caribbean which is a joint project of the U.K. Department of International Development (DFID), CIDA (the Canadian International Development Agency) and the IDB to support Beltraide in its investment promotion efforts. This is a grant fund of three hundred and twenty-five thousand U.S. dollars and my colleague, Michael Singh will speak a little bit more about the actual project. But I just want to project tell you that we are delighted to sign this project in Belize today. It is the first financed by the Compete Caribbean Program and the program is close to my heart because I participated in the development of that program with our colleagues from Canada and DFID in Barbados. It was launched earlier this year officially in Jamaica. It’s a thirty million dollar program to support private sector development throughout the Caribbean region and so today we are signing the first project for Belize.”

Mike Singh

Mike Singh, Executive Chairman, Beltraide

“This is a step that we’ve been working towards for a very long time. JJ and I spoke about the need for strengthening Beltraide even before I took office at Beltraide almost a year ago. Since then we have started many of the things that were needed to get Beltraide where it needed to be. In particular the refreshing of our mandate and refreshing of our image and also to be able to give us the tools we need to become what Belize needs in the form of an investment development agency and the trade promotion agency. Our role is very different than many countries; we try to put many things into one bucket. We also are responsible for small and medium enterprise development which adds more to our responsibilities. And the need for us to look at Beltraide from the inside out and to bring together the pieces in a more organized fashion. The need to look at how we present ourselves and how we present Belize as an investment destination as how we present our products internationally. It was something that was very important and  in our discussions we put together a program that will really put effort into all these areas. We look forward to looking at Beltraide: the first and foremost is training our people to understand what these varied roles are, how do we get the right people to have the right attitudes and the right tools to move forward and to give Belize the right profile. Even the programs and brochures that we hand out will be refreshed. Our website: we’re looking at a complete revamping of our web presence and we are looking at our fiscal incentive program. As the prime minister mentioned at the economic forum we had two weeks ago, we are looking at making that program more effective by using some electronic methods of application, looking at how do we make it more relevant for small and medium enterprises, how do we make the application process shorter and how do we keep the people in touch with what’s going on. This program will help us to do all these things. It is something that at the end of it, I think we should see a new Beltraide emerge and we should see a much higher profile to Belize.”

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2 Responses for “IDB bequeaths $650,000 to BELTRAIDE”

  1. Bdf says:

    More heavy taxes coming your way belizeans.so u can pay back this loan

  2. Informed says:

    BDF, grants means that they money is given “freely” as a gift.

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