Cabinet approves new loans for MSMEs and solar energy

By Aaron Humes: Cabinet has announced its approval of new loans to benefit small businesses and the development of alternative and renewable energy sources.

Cabinet gave its approval for the tabling of a National Assembly loan and guarantee motion to enable the Development Finance Corporation to enter into a loan agreement with the Caribbean Development Bank. The US$12.5 million loan will be guaranteed by the government for a line of credit at the fixed concessionary rate of 0.75 percent per annum. This loan will facilitate the financing of sub-loans to micro, small and medium enterprises for agricultural and industrial credit.

Also, with a view to addressing the rapidly growing energy demands of Belize’s flourishing economy, the Executive supported the tabling of a National Assembly loan motion in support of a US$77 million loan from the Saudi Fund for Development, at the fixed concessionary rate of 2 percent per annum, to finance the construction of a 60 megawatt (MW) utility-scale solar energy plant.

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