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A tale of two DFC’s

Posted: Friday, May 19, 2017. 3:15 p.m. CST.

By Delroy Cuthkelvin: One of two motions for multi-million dollar loans approved earlier today by the Senate and last Friday by the House of Representatives was for 20 Million US Dollars for the DFC to lend to Belizeans in four different areas of investment. Those areas, as explained by Prime Minister Rt. Hon Dean Barrow, are, Small and Medium Size Enterprises, Student Loans, Low Income Housing, and Energy Efficiency/Renewable Energy.

At today’s Senate Meeting, Hon Michael Peyrefitte emphasized a salient point, describing what we have witnessed and are witnessing as “a tale of two DFC’s”, one DFC (under this UDP Administration) which is utilizing 40 Million Belize Dollars to finance investments by a large number of Belizeans over a period of time, and the other DFC (under the PUP) which took 30 Million Dollars and gave all of it to one family (the Novelos) in a single day.

It is indeed a tale of two DFC’s, to extend the metaphor, one that was fleeced into bankruptcy by family, friends and cronies of the ruling PUP politicians at that time, and the other DFC that is now flourishing after being resuscitated by this UDP administration, and is serving a most vital purpose, “to provide development financing and related services, which contribute to sustainable growth of the Belizean economy.”

It is quite a story, indeed, and the good senator certainly was NOT telling tales out of school.

The views expressed in this article are those of the writer and not necessarily those of Breaking Belize News.

 

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