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Corozal/Sarteneja Road to be Resurfaced #537818
08/17/19 06:27 AM
08/17/19 06:27 AM
Joined: Oct 1999
Posts: 63,317
oregon, spr
Marty Offline OP

Marty  Offline OP

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.”

Channel 5

Re: Corozal/Sarteneja Road to be Resurfaced [Re: Marty] #537850
08/20/19 06:12 AM
08/20/19 06:12 AM
Joined: Oct 1999
Posts: 63,317
oregon, spr
Marty Offline OP

Marty  Offline OP
[Linked Image]

The road from Corozal to Sarteneja and the two bridges are long overdue. Sarteneja, for so long, has been one of the most distant and forgotten villages in northern Belize. Our Government's announcement today shows a bit of hope that this project may finally happen. We hold on to our hopes. This project will certainly attract much needed investment and business to this area. The coastline between Corozal Town and Sarteneja is about 27 miles and the majority of it is still in its natural state. However, the rule of thumb I have heard in the past, and this may have changed a bit over the years, was that the cost to build and pave a road was Bz$1 million dollars per mile. The distance between Corozal Town and Sarteneja Village is approximately 27.5 miles. How much can two bridges with a span of 200 feet each cost, say $5 million each? So BZ$100 million loan to build a road and two bridges seems a bit excessive, if the intention of the loan is just for the road and two bridges. Of course, there will be other cost variables and factors to consider, but at this point, we don't have those specifics, but my basic numbers are still much less than the total amount of the loan, unless there will be other projects tied into the loan that we are not aware of. What are the costs of the other line items, if any, involved? I am not against the project. I just want to ensure that there is proper accountability and transparency. BZ$100 million is a lot of money to pay back to Taiwan. What will be the interest rate?

by Lincoln Eiley

Re: Corozal/Sarteneja Road to be Resurfaced [Re: Marty] #538179
09/09/19 04:24 PM
09/09/19 04:24 PM
Joined: Oct 1999
Posts: 63,317
oregon, spr
Marty Offline OP

Marty  Offline OP
GOB and the EXIM Bank of Taiwan Sign a Loan Agreement for the Financing of the Corozal-Sarteneja Road Project

This morning in Belize City, the Rt. Hon. Dean Barrow, Prime Minister and Minister of Finance, signed a loan agreement between the Government of Belize and the Export-Import Bank of the Republic of China (Taiwan) (EXIM Bank) in the sum of US$50M for the upgrading of the Corozal-Sarteneja Road and the construction of the Pueblo Nuevo and Laguna Seca bridges.

Witnessing the signing was His Excellency Remus Li-Kou Chen, Ambassador of the Republic of China (Taiwan) to Belize and the Hon. Rene Montero, Minister of Works of the Government of Belize.

In signing the loan agreement, Prime Minister Barrow expressed the Government’s sincere thanks and appreciation to the Government and People of Taiwan for this extremely important project which will go a long way in improving the transportation network in the north of the country and which will also contribute significantly to the overall development and prosperity of Belize. Prime Minister Barrow also took the opportunity to reaffirm Belize’s commitment to the maintaining and increasing the very strong ties existing between the two countries over the past 30 years.

Ambassador Chen stated that “in her state visit to Belize in August 2018, H.E. President Tsai Ing-wen had the preliminary but very productive discussion about this project with Prime Minister Dean Barrow, and she fully supported this project. Through their leadership and the mutual efforts by our relevant government agencies, we are extremely pleased to witness today the signing of this loan agreement roughly just a year since its inception.”

Ambassador Chen extended his best wishes to the project as not only a great success, but also bringing real and tangible benefits to the people in Corozal District, serving as a leading successful model for any future important and needed projects for all Belizean people.

Ground is expected to be broken on the project in mid-October with actual physical work to commence early in the new year.

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