Over $750,000 in funding provided for economic development projects as Belize signs initial agreement with Millennium Challenge Corporation

Published by BBNTEAM at March 16, 2022

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Posted: Wednesday, March 16, 2022. 5:43 pm CST.

By Benjamin Flowers: Today, the Government of Belize (GOB) signed an initial agreement with the Millennium Challenge Corporation (MCC), a bilateral United States foreign aid agency, as a part of a process to create economic interventions to assist Belize with sustainable growth.

Prime Minister John Briceno signed the agreement today alongside MCC Chief Executive Officer Alice Albright, who is in Belize on a three-day trip (March 15-17) to discuss the development of the new MCC compact

The initial agreement makes provision of up to $750,000 in funding to cover the GOB’s initial administrative expenses, allowing the government to have early access to the technical expertise needed to conduct a “Constraints to Economic Growth Analysis” which is a detailed assessment of the country’s economic situation.

During the Constraints to Economic Growth Analysis, GOB will identify the most significant factors constraining economic growth in the country, and in the next phase of the overall project will draft up proposals for interventions in two or three of the most pressing areas of constraint. In this next phase, Belize can benefit from over $300 million in projects targeting various economic development initiatives. MCC notes that GOB has nearly completed the analysis, but that the entire process of developing an MCC compact can take up to three years.

“The selection of Belize for compact program development recognizes the Belizean government’s commitment to democracy, sound economic policies, and investing in its people. This visit marks the start of a new phase of the partnership between Belize and the United States, through the Millennium Challenge Corporation, that has the potential to deliver big benefits for Belizeans throughout the country,” Albright said.

The MCC’s Board of Directors selected Belize as an eligible country to develop a compact in December 2021.

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