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December 7, 2023

Government expected to announce acquisition of Port of Belize

Port of Belize

Posted: Thursday, December 7, 2023. 10:49 am CST.

By Aaron Humes: The final meeting of the House of Representatives for 2023 in Belmopan is expected to be dominated by some major news.

Multiple media reports say the receivership of the Port of Belize Limited will end with the Government’s acquisition following the introduction of legislation today. It comes full circle as the Port was privatized under a People’s United Party government in 2002.

Prime Minister John Briceño dodged the question when asked on the record at an event earlier this week. Still, on Monday appearing on Channel 5’s “Open Your Eyes” he hinted at a “major announcement” to be made at today’s House meeting.

Reports suggest the deal involves purchasing assets in the Port valued at tens of millions of dollars and likely ending pending lawsuits related to the proposed upgrade in bulk cargo and combined cruise project which has stalled under weighty environmental impact assessment requirements.

With multiple awards pending against the Government dating back to the Dean Barrow administration, the settlement in total is expected to be concluded for less than half of the overall value, about $500 million, costing Belmopan less than $200 million.

We’ll have more as the day progresses and a preview of other matters before the House today.

 

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