Government of Belize launches special loan programme for tourism sector

Published by BBN Staff at July 29, 2020

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Posted: Wednesday, July 29, 2020. 10:31 am CST.

By BBN Staff: Today, the Government of Belize announced the official launch of a special loan program to assist the recovery of the tourism sector, which took a considerable economic blow due to the COVID-19 pandemic.

Prime Minister Dean Barrow announced the rollout of the special loans program today at a virtual press conference held in collaboration with the Development Finance Corporation (DFC).

Barrow explained that the DFC has sourced the funds for the lending program from the Caribbean Development Bank, (CDB) but that he had to negotiate with the bank because the funds had an initial restriction that they could not be used for working capital lending. Barrow said that the interest rate at the outset would have been 8 percent, but that the DFC did some restructuring and brought it down to 7 percent, while GOB has pledged to subsidize another 1 percent.

Barrow said that the Financial Secretary, Joseph Waight, will be explaining how GOB will source the funding to ensure that tourism stakeholders can get the loans at a repay rate of 6 percent.

This is a developing story.

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