Corozal/Sarteneja Road to be Resurfaced - 08/17/19 12:27 PM
With $100 Million Taiwanese Loan
The much needed upgrading of the Corozal/Sarteneja Road, as well as the construction of the Pueblo Nuevo and Laguna Seca bridges, will be done using a loan of fifty million U.S. dollars from Taiwan. While the rehabilitation of that forty-seven mile stretch of road is long awaited, there is some controversy surrounding the monies that Belize is borrowing from the Taiwanese government. We begin with the tabling of the loan motion which details the quantum as well as the payment schedule to service the debt.
Prime Minister Dean Barrow
“Madam Speaker, this is the government of the Republic of China Taiwan upgrading of the Corozal Sarteneja Road and the upgrading of the Pueblo Nuevo and Laguna Seca bridges. Fifty Million US Dollar loan motion 2019. Madam Speaker I move where as the government will receive financial support from the government of the Republic of China Taiwan, whereas the offer of financial support is in the form of a long term low interest loan in the principal amount of fifty million from the Export Import Bank in the Republic of China. And whereas the purpose of the loan is to finance the project to upgrade the Corozal Sarteneja Road and to construct the Pueblo Nuevo and Laguna Seca bridges in the Corozal district. And whereas the terms and the conditions of the loan are as follows; lender, Export Import Bank of the Republic of China, loan principal amount: fifty million, purpose: project implementation for the upgrade of the Corozal Sarteneja road, loan term: twenty years inclusive of the grace period. Grace period: five years. Disbursement schedule: to be disbursed over five calendar years commencing from the date of signing with each disbursement being in accordance with project milestones and consisting of an aggregate amount not exceeding fifty million. Repayment in thirty consecutive equal or nearly equal as possible semi-annual principal instalments commencing sixty-six months after date of the first advance made under the agreement. Rate of interest: six month plus one percent annum.”