Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Miscellaneous, People & Places » Government borrowing over ten million dollars from the Caribbean Development Bank
Aug 8, 2013

Government borrowing over ten million dollars from the Caribbean Development Bank

Dean Barrow

The members of the House did manage to get some of work at Wednesday’s House meeting.  The government is borrowing over ten million dollars from the Caribbean Development Bank (CDB). The project is intended to reduce vulnerability of youth and children to crime and gang membership in Collet, Lake Independence, Pickstock and Port Loyola areas of Belize City. The PM said that the Chetumal Street project will also include a long awaited basketball stadium.

 

Prime Minister Dean Barrow

“The board of directors of the bank has recently approved a loan to the government of Belize in the sum of five million two hundred thousand United States dollars and whereas the purpose of the loan is to improve citizen security in Belize. And whereas the main objective of the project is to reduce vulnerability of children and youth to crime and gang membership in the Collet, Lake Independence, Pickstock and Port Loyola divisions of Belize City and this will be achieved by providing services to enhance literacy and adaptive life skills, support conflict mediation and improve inter-linkages and the sharing of best practices amongst participating agents in those communities. And where the bank has offered to lend to the government the sum of U.S. five million two hundred thousand to finance the project under the following terms and conditions. To be repaid in eighty equal or approximately equal and consecutive quarterly installments on each due date, commencing on the first due date ten years after the agreement date. Interest at the rate of two point five percent per annum to be paid quarterly on the outstanding portion of the loan.”

 

The loan will be fully disbursed by October thirty first, 2017. The Chetumal Street project and basketball will include a road from South to north side that will be connected by a bridge at the end of the recently concreted Chetumal Boulevard. 

Be Sociable, Share!


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

3 Responses for “Government borrowing over ten million dollars from the Caribbean Development Bank”

  1. Charl says:

    Why is it that everything goes to Belize City? What happen to the other districts? Belize is not the only district paying taxes, they need to share to all the districts.

  2. Concern says:

    Are we getting $10,500,000.00 to reduce the vulnerability of children and youth to crime and gang membership???? Will we be able to follow the money trail? This is a lot of money, how did anyone come up with a figure as to how much money is needed to do this unusual task? If you notice they shoot down Hon. Espat in the house because he wanted to be able to show how these kinds of money will be spent, (MORE TRANSPARENCY), but Dean said, NOT ON MY WATCH, this kind of info should be kept top secret…LOL After all he don’t want the people get to know how these four FOUR YEARS OLD MINISTERS managed to own these $600,000.00 mansions.

  3. Amanda says:

    %first_paragraphWell, for a vast majority of people, the answer is surprisingly

Leave a Reply

CAPTCHA Image
*