And if they get the call from Bukele-land, many of those farmers might be turning to the DFC for loans. Today that lending institution celebrated its 60th anniversary, and the event attracted a bevy of government officials and other stakeholders to the Biltmore. Jomarie Lanza was there:
Established in 1963, the Development Finance Corporation has served as Belize's only Development Bank, offering developmental financing and start-up opportunities for businesses and organizations within Belize. The institution is known for its core service of contributing to the sustainable growth of the Belizean economy, but also the wheeling and dealing that are a part of Belize's political culture. It has gone from rise, to ruin, and now, hopefully, to re-birth with its governance overseen by a board of 9 directors, 3 of which are government representatives.
The Prime Minister today reflected on DFC's history and accomplishments over the years within the loaning industry.
John Briceno, Prime Minister
"The DFC has been serving Belizeans faithfully for the past 60 years. It's the only development bank that Belize has and because of the DFC we have had countless entrepreneurs that have been able to finance their dreams. Thousands of Belizean have been able to afford to be able to get a home and because of the changes they have made recently and amendments presented by the staff to my ministry and then we in turn took it to cabinet into the National Assembly. We have also been able to refocus and serve the small micro and medium enterprises, the MSME's women and young people so the DFC has been doing tremendous work and helping where it is most needed to those who have the most difficulty in accessing the regular financial institutions of Belize."
The Prime Minister says that the DFC has endured quite a learning curve over the years but is on its way towards to becoming a proper development bank with new financial opportunities and services comparable to those offered by development banks across the Caribbean.
John Briceno, Prime Minister
"The lessons that we have learnt is that one the DFC like every other financial institution should not just be lending for lending's sake because somebody wants to make a loan. We have to make sure that the loan is also financially viable and stable that we will be able to pay. Secondly we have to minimize the political interference within the operations of the DFC. And Thirdly I think also we have to ensure also that it's not also the political director that has to be held accountable but even the employees have to be held accountable that if they participate in a fraudulent loan or a loan that was obviously should have never been approved that they could also be held accountable and by doing that then we can ensure that the Dfc remains a stable institution."
"So they've been through a learning curve and today I can assure you that the DFC is in a much stronger position than it has ever been in its history."
General Manager, Henry Anderson also reflected on how far the institution has come and his expectations for growth:
Henry N. Anderson, DFC General manager
"Well you know DFC unfortunately over the years has gotten a stigma for several things right so when you say DFC minds go to commission inquiry we take too long we ask for too much paperwork or write off right you don't have to pay the DFC because it will be written off which is the furthest thing from the truth but when you look at what the DFC has done as was shared in the presentation and by all of the comments it's sobering because this institution has come from the times of self government right through independence and it has done a lot to build the fabric of our economy so it's humbling in that sense but we can't dwell on the past. We are in the now and we have to get to the future so it just serves as energy to look at what is the highest peak that the DFC has achieved in terms of portfolio growth and understand that we need to continue to lay the foundation so DFC can once and for all become a proper development bank that offers all of the products that a development bank offers that it has never done in its history before and that's what we are building now."
