Archive for September, 2012

Belize negotiates to restructure debt, grace period ended

Thursday, September 20th, 2012

On September 19, the 30-days period ended that was given to the government of Belize after it failed to make the US$23 million bond payment, which could lead Belize to default. During this period, Belize had to restructure the debt in negotiations with creditors.

However, there is no clear agreement with creditors, and the government of Belize has met with Greylock Capital Management, which represents some of the investors, with the purpose to restructure the US$544 million debt of the country.

Mark Espat, the head of the negotiating team of Belize government, said that new terms of payment could be defined based on Belize’s ability to pay. According to Belize media, grace period might be extended if Belize makes partial payment.

The Belize Government did not release any information on this issue, but according to the Premier Minister Dean Barrow, there are built in grace periods in the bonds during which the parties can extend the time of payment. Also, the Premier said that the end of the thirty-day grace period does not mean the termination of negotiations, and in his opinion there is no default.

Beltraide and DFC presented information for Belize investors

Saturday, September 8th, 2012

During the Consulate of Belize Investment Conference held in Los Angeles, information about investing in Belize was presented by the Belize Trade and Investment Development Services (Beltraide) and the Development Finance Corporation (DFC).

In the presentation, Beltraide covered such topics as the procedures for investing in Belize and the advantages for Belize investors, as well as informed about major industries and key growth areas for investments and the retirement programs.

DFC informed the audience on the mortgage finance and commercial lending programs, the requirements for borrowing, payment mechanisms and purchasing DFC properties.

The investment conference had the purpose to give opportunity to both government entities to provide information to Belize expats about investing in Belize.