Bail out money continues to be approved for Belize. The Board of Director of the Caribbean Development bank approved two more loans for Belize at concessionary terms. At a meeting today in Barbados the bank approved the country's strategy paper for the period 2007 to 2009. Along with that approval was the go ahead for two loans one for US$25 million and the other for $12.6 million.
Fifteen of the twenty five million has been secured from the bank's ordinary capital resources. The loan is to be repaid in 20 years. It carries a grace period of 5 years with variable interest rates which is now at 6.25% per annum. $10 million is secured from the bank's special fund resources and is to be repaid in 25 years with a 5 year grace period and a 2 point 5 percent interest rate.
The additional $12.5 million dollar loan has been approved for the paving of the Placencia Road. It is to be paid in 17 years, has a grace period of 5 years and carries interest at 6.25%.
