The Caribbean Development Bank (CDB, the Bank) and the Government of Canada marked a significant milestone in Belize with an innovative USD 27.53 million loan and grant package to support modernisation of the country’s grid. The Power VIII Project is an Advanced Metering Infrastructure (AMI) and Grid Modernisation Programme, which is being implemented across the country by Belize Electricity Limited (BEL).

This is the largest financing CDB has extended to BEL to date and the first provided on an unsecured, non-sovereign-guaranteed basis. The Bank’s financing is comprised of a USD 24.2 million loan from CDB’s Ordinary Capital Resources, as well as a USD 3 million grant from its Special Funds Resources under the Government of Canada's Supporting Resilient and Green Energy (SuRGE) Initiative. CDB’s support for the initiative underscores its commitment to advancing a clean, resilient, and gender inclusive energy future for the region.  

CDB Portfolio Manager, Alexander Augustine, highlighted the importance of the project for the Bank, stating, “The Bank is proud to support Belize’s transition to a smarter, more climate-resilient grid. The Power VIII Project directly aligns with our priorities for digital infrastructure, energy security, and climate resilience. BEL has always been a fundamentally solid company with a robust capital base, and has, over the years, demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.”

The initiative will improve real-time monitoring, outage response, voltage control, billing accuracy, and solar integration, while reducing losses and the environmental footprint. The project also includes feasibility studies for key transmission upgrades to strengthen grid resilience and future expansion.

Canada’s Chargé Affairs to Belize, Ricardo Martin González, welcomed this project, adding, “Canada is pleased to support Belize’s efforts to modernize its electricity grid through this important partnership with the Caribbean Development Bank and Belize Electricity Limited. By contributing through the SuRGE initiative, Canada is helping advance cleaner, more reliable, and climate resilient energy infrastructure that will benefit communities across the country. This milestone reflects our shared commitment to sustainable development, innovation, and a more inclusive energy future for Belize.”

BEL Chief Executive Officer, John Mencias, welcomed the milestone, adding, “This significant achievement reflects both CDB’s confidence in BEL and the strength of the partnership we have built over many years of collaboration going back to the early 1970’s. It represents a landmark milestone for both our institutions that signals CDB’s trust in BEL’s financial stability, governance and management, and strategic direction, and, by extension, is a strong endorsement of Belize’s broader energy development trajectory.”

The Power VIII Project, now underway, will roll out over three years, deploying 115,000 smart meters nationwide supported by advanced communications and analytics. In addition to CDB financing the Project will receive a USD 330,000 SuRGE grant, and USD 7.05 million in counterpart funding from BEL.