Belize and Venezuela sign Petrocaribe agreement

Published by BBNTEAM at November 28, 2022

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Posted: Monday, November 28, 2022. 8:32 am CST.

By Zoila Palma Gonzalez: Prime Minister John Briceno is in Venezuela where he met with Venezuelan President Nicolas Maduro and engaged in high-level discussions on various bilateral initiatives and programs.

On Friday, November 25, 2022, PM Briceno and President Maduro signed agreements to deepen cooperation and generate integration mechanisms to strengthen joint work in strategic areas.

President Maduro said that the new agreement to be launched includes the resuming of Petrocaribe, an initiative based on the principles of solidarity, respect and self-determination of the Latin American and Caribbean peoples, Telesur English reports.

“It is time to multiply happiness, work, wealth, humility and love, for the union of the Latin American and Caribbean peoples,” Maduro stated.

PM Briceno expressed his gratitude and support for the cooperation between Belize and Venezuela and said that Belize will continue to support Venezuela in any way it can.

Lаunсhеd іn 2005, thе РеtrоСаrіbе Аrrаngеmеnt аllоwеd раrtісіраtіng соuntrіеѕ tо рurсhаѕе оіl аt mаrkеt vаluе, рауіng а реrсеntаgе оf thе соѕt uрfrоnt wіth thе bаlаnсе раіd оvеr 25 уеаrѕ аt оnе реrсеnt іntеrеѕt. Ѕаvіngѕ wеrе рut tоwаrd ѕосіаl рrоgrаmѕ іn thе раrtісіраtіng соuntrіеѕ.

Under the previous UDP administration, Belize obtained over $450 million, part of which sunk into Belize Infrastructure Limited (BIL) for various sporting centers countrywide.

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