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Caracol Road Fully Funded For 90 Million #534015
12/29/18 05:52 AM
12/29/18 05:52 AM
Joined: Oct 1999
Posts: 70,356
oregon, spr
Marty Offline OP

Marty  Offline OP

The PM announced the details for the fully funded Caracol Road in the west. We have only the audio version of his statement:

Rt. Hon. Dean Barrow, Prime Minister
"the signing ceremony for the Kuwaiti funding of the Caracol Road is fix for January 14th, 2019. I remind that this project is being co-sponsored by Kuwait and OFID and that the latter had earlier had signed for its portion. With that January 14th event the whole cost of the entire road would have been fully funded to the tune of almost 90 million US dollars. This is some 50 plus miles of virgin terrain to provide access to what is perhaps the most pristine area of our country."

Channel 7

Re: Caracol Road Fully Funded For 90 Million [Re: Marty] #534333
01/14/19 01:10 PM
01/14/19 01:10 PM
Joined: Oct 1999
Posts: 70,356
oregon, spr
Marty Offline OP

Marty  Offline OP
Government of Belize Signs Loan Agreement with the Kuwait Fund for Arab Economic Development for the Caracol Road Project[Linked Image]

Today, January 14th, the Government of Belize signed a Loan Agreement with the Kuwait Fund for Arab Economic Development in the sum of Kuwait Dinars 6 million (approximately US$20 million) for the financing of the Caracol Road Project.

The loan terms include an interest rate of two percent (2.0%) per annum and a repayment term of 20 years with a grace period of five years.

Signing on behalf of the Government of Belize was the Hon. Patrick Faber, Acting Prime Minister and Minister of Finance, while H.E. Mr. Marwan Al-Ghanem, Deputy Director-General for Operations, signed on behalf of the Kuwait Fund.

The Caracol Road Project consists of upgrading an existing primary dirt and gravel road to an asphaltic two-lane, two-way road. This includes the replacement of several bridges covering some 85.4 km of highway from the junction with the George Price Highway to the Caracol Archaeological Reserve.

The Project is divided into two Lots, with the Second Lot (Lot II) being financed by the Kuwait Fund. Lot II encompasses all the road works and structures falling south of the point at the Blancaneax marker to the Caracol Archaeological Reserve and covering a total of 42,9 km.

The First Lot (Lot I) of the Project which encompasses the road works and structures from the George Price Highway to the Blancaneax marker covering a total of 42.5 km, is being financed by the OPEC Fund for International Development and by the Government of Belize.

The Project implementation period is estimated at four years and is expected to be completed by the end of 2022.

In signing the Loan Agreement, the Acting Prime Minister expressed the thanks and appreciation of the Government and People of Belize to Kuwait Fund of their continued support and for their long partnership in the development of Belize.

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