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Sep 6, 2019

CDF Provides US$3.3M in Loans to GOB for Sustainable Development Strategy

A loan agreement to finalize the approval of a six million dollar credit line and two grants amount to six hundred thousand dollars under the CARICOM Development Fund’s Second Cycle Country Assistance Programme was signed on Thursday at the Prime Minister’s Office in Belize City.  The line of credit which will be managed by the Development Finance Corporation will be used to provide financing at competitive interest rates to eligible projects within the productive sector, including agriculture, manufacturing, agro-industry and commercial fishing, among other industries.  The focus, however, will be on gender equity, energy efficiency and climate resilience.

 

Yvonne Hyde, CEO, Ministry of Economic Development

Yvonne Hyd

“The first one is for a loan to the government of three million U.S. dollars which is going to be managed by the DFC and that is basically to focus on small and medium enterprises, looking at green activities, the greening of activities and basically ensuring that climate resilience enters into the DFC’s operations.  The second grant is an accompanying grant to the loan and it is for a business and continuity plan, the business plan and continuity plan, for a total of a hundred thousand U.S. dollars.  That is a technical assistance grant to the DFC to prepare these documents.  And then the third which I find very interesting, it is to help the Ministry of Agriculture to construct covered structures and this is all in an effort to assist the agriculture sector to bring the level of technology in the agricultural sector up to a new level and that is for approximately two hundred thousand U.S.  And again, this focuses on small farmers, fifty percent of which are expected to be women.  This is what we would like to do.”

 

Rodinald Soomer

Rodinald Soomer, CEO, CARICOM Development Fund

“This marks for us an important part of our journey with Belize in supporting your development programme, all the projects that we’ve done on the first cycle, the CDF has been fully consistent with your development strategy.  Very well put together and you have demonstrated great efficiency through the executing agencies in implementing, so we have enjoyed very speedy and high implementation rates and we expect this track record to continue into this current cycle, especially because we’re working with some of the same partners, including the DFC with whom we have an excellent working relationship.”


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