The Government of Belize today opened the possibility of accessing more capital from foreign sources. Prime Minister Said Musa today signed on to be a member of the Central American Bank of Economic Integration - CABEI. The bank has $4.5 billion in assets and an additional $5 billion in cash which it sub-lends to its member countries. But to be able to access the capital there is a subscription fee of $25 million. For Belize however that fee was whittled down to 25% of that amounting to $6,250,000 to be paid over the next 4 years. But sponsors say that with that money comes benefits far greater than the cost. The Prime Minister discussed the priority areas for which Belize will seek financing.
Rt. Hon. Said Musa, Prime Minister
"We expect assistance in this area of reducing poverty through interventions such as the small and medium enterprise promotion, sustainable rural development, water and sanitation, vocational education and technology. Two, promoting integration including sub-areas such as the promotion and the strengthening of the financial markets in the region and the Plan Puebla Panama Program. Three, facilitating globalization including support to the improvement of the region's business climate, support of the processes of trade agreements, etc.
We are joining CABEI at a time when we are focused on macroeconomic stability while trying to increase the levels of social investment in Belize. CABEI is an extremely important and powerful regional body and by joining we are further consolidating our independent identity in Central America and allowing for greater cooperation with our neighbors."
Government will pay CABEI $1.562 million in the upcoming 30 days after which it will be able to begin to access financing.
