Posted: Friday, May 19, 2023. 11:51 am CST.
By Breaking Belize News Staff: Small and midsize Belizean businesses are set to benefit from a new partnership between the Belize Bank Ltd. and IDB Invest, a development bank and member of the Inter-American Development Bank Group, which promotes the economic development of its member countries in Latin America and the Caribbean through the private sector.
IDB Invest welcomed Belize Bank Limited (BBL) to its Trade Finance Facilitation Program (TFFP), opening a US$10 million credit line with a 180-day tenor.
IDB Invest’s program will help BBL increase its foreign trade products for its small and medium enterprise (SME) clients, adjusting its products to meet client demands. It will also help BBL cater the growing financial needs of the private sector and support key business linkages in the rising demand for goods and services. The program will also expand support to existing industries, and new and emerging businesses in sustaining productivity and job creation.
The signing ceremony took place today at IDB Invest’s office in Belize, with the participation of CID General Manager, Tomas Bermudez; Rocío Medina Bolívar, IDB Group Country Manager in Belize; Marisela Alvarenga, IDB Invest Division Chief for Financial Institutions, and Filippo Alario, BBL Executive Chairman.
The credit line will support BBL as it diversifies its network of correspondent banks to offer trade products to a wider range of SMEs and clients in Belize.
Financial systems in the Caribbean and other small economies have been affected by “de-risking” policies of international banks, and the high compliance costs of these large banks have left banks like BBL with limited access to trade finance and corresponding banking networks.
“This operation will contribute with the development of MSMEs allowing them to access the necessary funding to become competitive in the international markets. As we know, MSMEs are the backbone of the economy in Belize, providing employment to more than two thirds of the labor force,” said Rocío Medina Bolivar, the newly appointed IDB Country Representative for Belize.
IDB Invest’s Marisela Alvarenga said, “The incorporation of The Belize Bank Limited to IDB Invest’s Trade Finance Facilitation Program will increase investment and trade in the country, necessary for strengthening the financial systems across the Caribbean.”
Belize Bank Limited’s Filippo Alario said, “As Belize’s largest bank we are delighted to become part of IDB Invest TFFP Program’s network as Latin American and Caribbean Financial Intermediaries. Through this partnership, we look forward to promoting trade and contribute to our clients’ ability to become more competitive by accessing financing and grow their international business as well as to contribute to the growth of the Belizean economy.”
This partnership reinforces the commitment of IDB Invest and Belize Bank Limited to create a hub for investment and trade for the nation and the region while creating opportunities for communities.
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