First Caribbean discontinues credit for BEL

The Belize Electricity Limited (BEL) has confirmed that one of its major creditors, First Caribbean International Bank, has discontinued its credit. It also said that Scotiabank is currently reviewing its credit arrangement with BEL.

Earlier, BEL reported in a press release that it was “experiencing severe financial difficulties” and therefore it had to require clients to pay the full cost of service installation upfront, and refunds will be provided when other clients connect to the line extension.

Recently, the Government of Belize had to provide a letter of credit for BEL for its credit arrangement with Comision Federal de Electricidad in Mexico. From this company BEL purchases a major percentage of the power it distributes in the local market.

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