BIL Won’t Work As SPV

But if they are setting up a Special Purpose Vehicle to execute the project, why not use Belize Investment Limited? That is the SPV successfully set up by the previous government - and it spearheaded multiple large scale projects - including the Civic.

Coye said - without offering proof - that he is wary of legacy baggage:

Chris Coye, Min. of State, Ministry of Finance
"In finance, you don't go and use legacy entities to raise capital. Legacy entities could have all kinds of latent liabilities that could pop up at any point in time. If somebody is going to invest in a company or lend to that company, they want it clean."

"So we also have an idea of BIL. We don't know what our BIL was involved with."