Business

Belize borrows $65 million for highway project

By Alexis R. Milan
Staff Reporter

The Government of Belize, through approved financing from the Inter-American Development Bank (IDB) and the European Union (EU), has borrowed $65 million for a project to upgrade a section of the George Price Highway from Belmopan to Santa Elena.

The IDB is providing financing for the project in the sum of US $27 million, while the EU has provided EUR €5 million from its Caribbean Investment Facility (CIF).
The 19.4 stretch of highway from Belmopan to Santa Elena, including the Roaring Creek Bridge, will be rehabilitated. The bridge will be replaced with a higher and wider bridge.

The goal of the project is to improve road connectivity within Belize’s main districts and with Central America, by decreasing travel times and cost, as well as increasing resiliency to the effects of climate change, which is of significant importance since the section to be rehabilitated is also an important hurricane evacuation route for the coastal population in the Belize district.
The project will also help to maintain the rehabilitated infrastructure and is expected to help reduce road accidents and traffic fatalities.

IDB Country Representative, Anneke Jessen said the IDB and the EU are pleased to collaborate in supporting Belize on such an important project.
She said improved transport is key not only to road safety, but has positive impacts on other industries, including agriculture and tourism.
EU Ambassador, Paola Amadei said this latest project re-affirms the EU’s commitment, having already supported the rehabilitation of more than 400 miles of road throughout the country.

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