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Taiwan signs Letter of Intent with  Inter-American Development Bank  to assist Belize’s economy

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Posted: Saturday, May 28, 2022. 11:17 am CST.

By Zoila Palma Gonzalez: On May 27th, officials from Taiwan’s Ministry of Foreign Affairs (MOFA) confirmed that it had signed a Letter of Intent (LOI) with the Inter-American Development Bank (IDB) for the bank’s program aimed at fostering economic recovery and employment growth in Belize.

Taiwan’s Vice Foreign Minister, Alexander Yui, IDB President Mauricio Claver-Carone and Belize’s Financial Secretary Joseph Waight signed the agreement.

The Ministry said that the letter of intent will assist in efforts to create job opportunities, boost the economy, and promote stable social development as Belize recovers from the economic impact of COVID-19.

A statement from IDB says that Taiwan would “provide a financial contribution of US$5 million to complement IDB’s program” as part of the LOI signed between the three parties.

The program will focus on women-led businesses and finance productive investments.

IDB President Claver-Carone said that Taiwan is a model of how to empower the private sector as an engine for growth.

IDB noted that the program seeks to “create employment opportunities and foster the economic recovery of micro, small, and medium-sized enterprises (MSMEs), empowering and promoting gender and diversity in Belize.”

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