Opposition claims credit for ‘rescue’ of DFC ahead of new capitalization

Published by BBNTEAM at October 21, 2024

Tags

Posted: Monday, October 21, 2024. 5:12 pm CST.

By Aaron Humes: Can the current government be trusted with the Development Finance Corporation (DFC)?

As the House of Representatives debated a loan motion for US$20 million from the Caribbean Development Bank (CDB) for capitalization of critical sectors including micro, small and medium enterprises, education, housing and energy, Leader of the Opposition Moses “Shyne” Barrow raised this question, saying there was “great reservation.”

Barrow homed in on education, bringing up the matter of collateral for student loans: “For the last four years, I have come into this Honorable House and I have lamented as to the challenges that Belizeans are facing, in particular when it comes to education. So the Prime Minister talks about $9 million which will be made available in this loan to the DFC. However, who will qualify for the nine million dollars? The people [who] need educational assistance, the students that need educational assistance, they do not have any land for collateral. Their parents cannot co-sign for the facility. And I’ve told the minister of education about this in this honorable House politely over and repeatedly, there needs to be adjustments.”

And former Minister of Education Patrick Faber brought up the various DFC-related scandals of the mid-2000s and claimed credit for rescuing the DFC and bringing it back to legitimacy.

In reply, Francis Fonseca, Minister of Education, contended that the DFC has learned from its mistakes: “The point that is being made about the DFC, absolutely yes, valid, legitimate points but the DFC is absolutely aware of these issues and they are working, as the prime minister rightly pointed out, they work with their clients, they work with these targeted groups to try to address any concerns that they have, any issues. How can we, that’s the entire spirit in which they operate, how can we work with you to make it easier for you to access this credit?”

Speaking specifically to student loans, Fonseca added that the work continues every day to make education accessible, and build on the work of previous administrations. He noted that Cabinet had just discussed what can be done to lower interest rates and improve terms and conditions for borrowing, and so people should be encouraged to approach the Corporation for assistance.

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Belize ~ We offer fully customizable and flexible digital marketing packages. Your content is delivered instantly to thousands of users in Belize and abroad! Contact us at mаrkеtіng@brеаkіngbеlіzеnеwѕ.соm or call us at 501-612-0315.