House asked to approve M $120 in new loans

By Alexis R. Milan
Staff Reporter

The government of Prime Minister Dean Barrow introduced four loan motions at Tuesday’s House sitting for various projects and initiatives, which altogether amount to US $60,304,000 in government borrowings from international financial institutions.

The South Side Poverty Alleviation Project Phase 111 loan motion is for US $15,220,000 from the Organization of Petroleum Exporting Countries Fund for International Development (OFID).

The loan is intended to finance infrastructure enhancements, education, training, social development, institutional support, auditing and supervision in the Port Loyola, Lake Independence, Collet, Queen’s Square and Pickstock areas. The loan will be paid back over a 20 year period.

The Caribbean Development Bank (CDB) Seventh Consolidated Line of Credit to the Development Finance Corporation (DFC) loan is for US $10,500,000 from the CDB to the DFC.

The loan will allow the DFC to disperse loans to Belizeans for agricultural and industrial credit, housing construction or improvements, student loans, energy efficiency and renewable energy initiatives.

The CDB Road Safety Project Revision loan is for US $4,584,000 to continue safety improvements and road infrastructure upgrades. A Climate Resilient Infrastructure Project loan is for US $30,000,000 from the World Bank to conduct feasibility and engineering studies for preparations and investments to reduce physical vulnerability to critical infrastructure in priority areas.

The loan is meant to strengthen the capacity of the Ministry of Works and Transport and the Ministry of Natural Resources and Agriculture to mainstream climate resilience programs.

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