World Bank approves US$15 million loan for Belize

By Dyon A. Elliott - Staff Reporter
The World Bank has approved a US$15 million dollar loan for Belize.

Government officials, in a press release dated September 17, 2010, say the loan was approved because the current administration is dedicated to good governance.

Prime Minister Dean Barrow welcomed the news and went on to point out that the gesture by the World Bank comes as a clear indication of its “re-engagement” with Belize. He said this act signifies the World Bank’s continued commitment to the development process in Belize, and is a clear indication of the bank’s interest in the Belizean people.

Echoing the sentiments of the Prime Minister, the Chief Executive Officer of the Ministry of Economic Development, Commerce & Industry and Consumer Protection, Ms Yvonne Hyde pointed out that World Bank’s commitment and financial endorsement is the direct result of the current administration’s conspicuous commitment to good governance, transparency and accountability.

The money will be used to “improve service delivery in several municipalities”, for infrastructure, technical assistance and to enhance employees’ skills.

World Bank assistance to Belize aims to reduce poverty, stimulate economic growth and to analyse and advise in the design and putting into practice various policy initiatives.

Ms. Hyde made it clear that the process had already begun, and focus is already being given to an initial pilot project which incorporates traffic management, investment and infrastructure planning.

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