Posted: Tuesday, June 30, 2020. 1:34 pm CST.
By BBN Staff: The OPEC Fund for International Development (OFID) has reportedly signed a US $10 million public sector loan agreement with Belize to co-finance the second phase of the upgrading of the Caracol Road Project.
The project is being carried out to ease travel constraints and support socio-economic growth, particularly in the agriculture and tourism sectors.
The project will improve a 43 km stretch of road and include the construction of eight bridges.
The road section provides the link between the George Price Highway and the Caracol Archaeological Site in the Cayo district, one of Belize’s most important tourism areas.
The OPEC Fund is partnering with the Kuwait Fund for Arab Economic Development and the government of Belize to finance this project.
“The OPEC Fund is pleased to help finance this project in support of Sustainable Development Goals eight and nine in particular, on decent work and economic growth, and on industry, innovation and infrastructure,” said OPEC Fund’s Director-General, Dr. Abdulhamid Alkhalifa.
During its 30 year-long partnership with Belize, OFID has approved US $141 million to support development in Belize.
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