News

Belize Gets $10.5 Million Loan For Small Business Development

By: Caribbean Journal Staff - August 2, 2014 - 3:55 pm

Above: CDB Acting Vice President for Operations Nigel Romano with Yvonne Hyde, director for Belize (Photo: CDB)

By the Caribbean Journal staff

Belize has reveived a $10.5 million loan from the Caribbean Development Bank, the bank announced last week.

The loan is to the country’s Development Finance Corporation, which works to improve home ownership, human development and the development of micro, small and medium-sized businesses.

“MSMEs are fundamental to the economic landscape of Belize and are estimated to account for a significant share of economic activity and employment generation,” the CDB said in a statement. “However, they are usually faced with a number of challenges including limited access to, and the cost of financing.”

The bank said the loan would allow the Development Finance Corporation to provide finance for such small businesses and for student loans, low-income housing and green energy and energy efficiency projects.

Belize’s Development Finance Corporation has existed since 1963; it is wholly owned by the country’s government.

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