Line of Credit to Belize
March 5, 2009 No. 3/09-BD CDB TO PROVIDE USD10 MILLION LINE OF CREDIT TO BELIZE The Board of Directors of the Caribbean Development Bank (CDB) has approved a loan equivalent to USD10 million to the Government of Belize, as well as a grant of USD150,000. Approval was granted at a meeting of the Board at the Bank's Headquarters in Barbados today. This loan is to be used to provide funding to priority sector areas in Belize. These areas include student loans, small and medium-sized enterprises, agriculture and industrial credit, low-income housing and microfinance. This financing is expected to contribute to increased investments in agriculture, industry and Tourism; to promote home ownership through the provision of finance for mortgages to low and lower middle-income earners; to assist in the continued development of an entrepreneurial class; and lead to increased numbers of trained persons at technical, vocational and professional levels. The CDB grant will be used for institutional strengthening of the new Development Finance Corporation (DFC), facilitating the preparation of a strategic plan and the compilation of policy and procedures manuals. The DFC will be the executing agency for the CDB line of credit, the sixth consolidated line of credit which the Bank has provided to the Government of Belize.