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Belize gets $12 million loan from OPEC for new Haulover bridge

Posted: Friday, October 20, 2017. 4:50 p.m. CST.

By BBN Staff: Last week, Prime Minister Dean Barrow was out on official meetings in Washington.

Barrow was seeking funding for the construction of the new Haulover bridge.

A 12 million dollar loan has been approved from OPEC Fund for International Development to finance 68 percent of the cost of upgrading the Philip Goldson Highway by building a longer and wider bridge at Haulover Creek.

The new bridge will be 20 meters (65 feet) wide and 147 meters long.

The scope of work includes roads, drainage, and safety features of the highway.

The loan from OPEC comes at a rate of 2.5 percent interest per annum for a 20 year term with a five year grace period.

According to Barrow, the repayment of the loan is over a 15 year period which will be done in 30- 6 month installments of $400,000.

The payments will be made on January 15 and July 15 of each year.

The first payment is due July 15, 2022.

A service charge of one percent per year on the principal and on the reducing balance is also being applied. The service charge is payable every six months.

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