The Government of Belize is financing a USD$34.3 Million upgrade to the Philip Goldson Highway and Remate Bypass, through a loan from the Caribbean Development Bank.
Prime Minister Hon. John Briceño introduced the loan Motion at the Special Sitting of the House of Representatives on Friday, April 9.
The project covers the upgrade of the Highway from mile 24.5 to mile 92, and will buy 6.9 acres of land to widen and re-align the road.
The project will also build structures to create safe school zones in the many communities along the road corridor.
The entire value of the project is estimated at USD$59.8 Million, of which GoB is to provide USD$8.8 Million in counterpart financing.
USD$21.3 million of the loan is for ordinary capital resources, and GoB will repay in 48 equal quarterly installments over a five year period, at a 3.75% annual interest rate after a 5 year grace period, beginning from the date of the loan contract.
A USD$13 Million part of the loan is for Special Fund Resources, to be repaid in 80 equal, quarterly installments over a 20 year period after a 5 year grace period, at 1% annual interest rate, on the outstanding portion of the loan.The Reporter