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#15178 - 07/17/02 09:42 AM New road to link Mexico with free zone
SP Daily Offline
New road to link Mexico with free zone

Another public/private partnership will be developing
some new infrastructure at the northern border. A
release from Galeria Maya Limited says that company
has embarked on a joint venture with the Commercial
Free Zone Management Agency to construct over a
mile of four lane highway between the frontier and a
new entrance to the Free Zone. The road, which will
ease the traditional traffic jam across the bridge into
Mexico, as well as the congestion within the free
zone, complements efforts by the Belize Government
to build a new user friendly customs and immigration
facility. The four-lane boulevard will follow the route
of the existing road as it curves west from the foot of
the bridge and will enter the free zone at an entrance
now called Gate Charlie. From there it will go through
the zone to the entrance of Galeria Maya, a casino and
hotel complex on Four Mile Lagoon that after a slow
start is said to be gathering steam. Financing for the
one point eight million U.S. dollar road is a somewhat
complex affair, involving the creation by the partners
of an offshore company registered in the British Virgin
Islands. That company will then borrow the U.S. cash
from a Spanish bank, working through the offshore
facilities of Belizean owned Provident Bank. Provident
is affiliated with the managing partner in Galeria
Maya, Glenn Godfrey. The loan, according to
Commercial Free Zone CEO Joel Cervantes, is secured
by property owned by each of the parties. The road
itself will be built by a Mexican contractor said to be
employing a number of Belizean sub-contractors.
When asked what was the payoff for both parties,
Cervantes explained that Galeria Maya needs improved
access for its well-heeled customers, while the Free
Zone will benefit from less congestion and the
additional revenues to be generated by gamblers and
vacationers headed through the zone to Galeria Maya.
When asked whether Belizeans would be among those
patronising the new entertainment complex, Cervantes
said that Galeria Maya will be open only to foreigners,
although large numbers of Belizeans would be
employed there.

#15179 - 07/17/02 02:21 PM Re: New road to link Mexico with free zone
Chloe Offline
Jesse Jesse, thanks for the information.
Good to see you here again, I've missed you.

[This message has been edited by Chloe (edited 07-17-2002).]
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