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Apr 22, 2020

Cabinet Investment Subcommittee Reviewing Port Expansion Projects

Tracy Panton

Minister of Investment, Trade and Commerce, Tracy Panton today confirmed that the cabinet Subcommittee for Investment is reviewing two proposed projects linked to the expansion of the Port of Belize in Port Loyola area of Belize City. On Tuesday, during a video conference by Chamberlain Consulting, it was revealed that the major development will not only increase the capacity of the import and export services with an agricultural component, but will also feature a cruise tourism facility with docking stations. The investment is in the range of two hundred million dollars. Waterloo Investment Limited made the proposal for both projects, which Tracy Panton, says go hand in hand. 

 

Tracy Panton, Minister of Investment, Trade & Commerce

“So there are two projects that the Waterloo Group had proposed. First a cruise ship terminal similar to what you see at the Fort Street Tourism Village and they also looked at the possibility of expanding the port facilities so that we can have better facilities to ship our goods from. Both projects are under review by the cabinet subcommittee on investments. There is some preliminary information that needs to be provided to the committee; Waterloo is aware of what information needs to be provided. I can tell you that the government is clear that one project cannot happen in isolation of the other; that we need to improve the port facilities in Belize City. We need to keep our stevedores employed—that is a big consideration for us as a government—and we need to look at a docking facility for cruise ships whenever that industry comes back. So both projects are under consideration. We are waiting for additional information and at that time a determination will be made.”

 

Reporter

“Can you tell us what is the status of the ownership of the port? Is it still in receivership? Has it passed to the investment company because we were told that they have acquired some of the assets, including the land?”

 

Tracy Panton

 “You have more information than I have. As far as we know, it is still in the receivership and as soon as we get clarity from the investors, we will be able to report on that.”


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