Archive for June, 2014

Development Finance Corporation enters into US$20 million loan agreement

Wednesday, June 25th, 2014

Last week, the Development Finance Corporation (DFC) requested permission from the National Assembly to enter into the loan agreement for US$20 million with the Social Security Board. The credit will be used by the DFC to lend to various sectors of economy, including micro, small and medium enterprises, and should be repaid in 14 years, including a two year grace period on the principal amount. Principal and interest will be paid quarterly at a rate of 5.5% on the outstanding principal loan balance.

The DFC is a corporation restructured in 2009 and aimed at promoting transparency and diminishing political influence, offering financing for business projects for small and medium size enterprises, as well as student loans and mortgage loans.

Statistical Institute of Belize reported slight economic decline

Saturday, June 14th, 2014

In the end of May, the Statistical Institute of Belize informed about the slight contraction of country’s economy in the first quarter of this year, as compared to the economic performance in the first quarter of 2013. According to SIB, jurisdiction’s gross domestic product dipped by zero point four percent, primarily due to decreased production in three specific industries – agriculture, manufacturing and mining, and despite positive changes in some other sectors of economy – electricity, shrimp, beer, tourism and construction industries.

The greatest decline was in sugar, citrus, banana and oil production. While Belize Natural Energy Ltd., which is the country’s sole producer of crude petroleum, anticipated a gradual decrease in production, the rate at which oil is exported is falling dramatically.

The statistics for external trade in the first quarter of the year, including import and export, shows much higher results. At the end of this period, total exports of crude, citrus concentrate and bananas amounted to two hundred and five million dollars, while imported goods totalled six hundred million dollars, being brought mainly from the United States, Mexico and Curacao.

Belize Government receives US$5 million under Bilateral Cooperation Program

Wednesday, June 4th, 2014

On May 19, Taiwan’s Ambassador to Belize, His Excellency David C. K. Wu, on behalf of the Government of the Republic of China-Taiwan, handed over a cheque US$5 million worth to the Prime Minister and Minister of Finance and Economic Development of Belize Hon. Dean Barrow, to support the government of the jurisdiction in key infrastructural projects.

This money is a grant to the Government of Belize under the Bilateral Cooperation Program between the Government of Belize and the Government of Republic of China-Taiwan. Ambassador Wu said in his comments: “We have seen the apparent progress for your beautiful country in terms of the infrastructure development… We hope that we can continue to enjoy the very close partnership with Belize in the future.”