Project Name
Electricity System Upgrade and Expansion Project


Belize Electricity Limited (BEL) has received financing from the Caribbean Development Bank (CDB) in an amount equivalent to US$11,231,000 towards the cost of the Electricity System Upgrade and Expansion Project and intends to apply a portion of the proceeds of this financing to eligible payments under contracts procured under this project. Payments by CDB will be made only at the request of BEL and upon approval by CDB, and will be subject in all respects to the terms and conditions of the Financing Agreement. The Financing Agreement prohibits withdrawal from the financing account for the purpose of any payment to persons or entities, or for any import of goods, if such payment or import, to the knowledge of CDB, is prohibited by a decision of the United Nations Security Council taken under Chapter VII of the Charter of the United Nations. No party other than BEL shall derive any rights from the Financing Agreement or have any claim to the proceeds of the Financing.