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Ministry of Economic Development holds Capacity Building and Validation Forum for Green Climate Fund private sector project

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Posted: Wednesday, July 20, 2022. 5:57 pm CST.

Photo Credit: GOB Press Office

By Rubén Morales Iglesias: The Ministry of Economic Development (MED) along with the Belize Chamber of Commerce & Industry (BCCI) and supported by the Caribbean Development Bank (CDB), on Wednesday held the Capacity Building Forum Closing and Validation Workshop of the Green Climate Fund (GCF)-funded project, “Strengthening Belize Private Sector Access to Climate Finance”.

Dr. Osmond Martinez, CEO of the Ministry of Economic Development, said the private sector drives the sustainable growth and development of a nation and Belize is no exception, according to a press release by the Government of Belize Press Office.

Martinez reiterated that the MED would continue to seek support from the GCF and other international financial institutions “to further support the MSMEs in Belize, as they account for 98% of the private sector and generate over 70% of private sector employment”.

“The event summarised the work that has been carried out in Belize since September 2021, with the technical support of Willis Towers Watson (WTW), to support the investments of micro, small and medium enterprises (MSMEs) in climate adaptation and mitigation,” said the Press Office release.

BCCI CEO Kim Aikman, CEO of the BCCI made an overview of the project and “noted that it has provided substantial capacity building and contributed to filling the GCF knowledge gap that exists in the private sector, which facilitated the development of project ideas into concept notes for submission to the fund”.

The workshop reviewed the outcomes of the virtual capacity-building forum held in January 2022. That forum focused on GCF climate finance access and had the participation of Belizean private sector stakeholders.

The Press Office said the forum also supported the development of a Private Sector Study and Action Plan for MSMEs to increase their climate investments and the identification and preparation of two GCF concept notes aimed at increasing financial flows for MSMEs.

Concept notes project proponents La Inmaculada Credit Union and the BCCI presented their perspectives and contributions to the project.

 

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