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Feb 10, 2023

Senate Debates $8 Million U.S Loan

Michael Peyrefitte

An eight million U.S. dollar trade and investment loan from the International Development Bank was brought to the Senate for debate today. As was mentioned during our coverage of last week’s House meeting, the government is seeking the ratification of the loan motion to develop a single investment window in Belize. As the Opposition did in the House of Representatives, Senator Michael Peyrefitte also voted against the motion. Meanwhile, Senator Kevin Herrera spoke about the importance of the loan motion.

 

Michael Peyrefitte, Opposition Senator

“We are here today to ask the Senate to vote to ratify the borrowing of million US dollars and we are barely into February. Madam President if I may say this before I get into the actual motion and loan contract. This is coming from a government when current leader and Prime Minister said when he was in opposition. We need to stop borrowing and we need to stop raising taxes and borrowing and need to grow the economy. And, the first item on this Senate for debate for this year is to borrow sixty-six million dollars. This first motion for eight million U.S. Dollars is for eight million U.S Dollars, sixteen million U.S dollars, for what, because the public wants to know. Allow us to borrow sixteen million dollars for activities that will one, improve investment facilitation, through simplification, standardization and automation of key investment procedures through the implementation of the single investment window. Weh that? Madam President, what is that?”

 

Kevin Herrera

Kevin Herrera, Business Senator

“When we are looking at bringing investors in, it is extremely frustrating and sometimes discouraging, when they have to be knocking from one ministry, one office to the other, trying to figure out the process to get to these investments, to get the necessary permits, to get the necessary authorizations they need and so the investment window we have been asking for all these decades, was an effort to bring all of this together so that people don’t have to be wondering around, trying to figure it out. Especially people who are coming in to invest in the country.”


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