Incorporation

DFC was incorporated in British Honduras on September 27, 1963 under the DFC Ordinance No.2 of 1961 as amended by No. 15 of 1963.  It was owned by the private sector.  In 1973 DFC was restructured and became a financial institution owned by the Government of Belize.  This entity fell under the responsibility of the Ministry of Finance and Defense. The DFC now operates under the New DFC Act No. 1 of 2009 of the Laws of Belize.

Purpose of The Corporation

The purpose of the Corporation is to expand and strengthen the economy of Belize by providing developmental financing on an economically sustainable and environmentally acceptable basis to those individuals or groups of individuals seeking financing for specifically approved purposes, and who would otherwise be unable to fund their requirements from other sources on reasonable terms and conditions.

Share Capital

As per Section of the DFC Act No. 1 of 2009, the authorized share capital of the Corporation is $100,000,000 divided into ordinary shares of par value of 10 Belize dollars - BZ$10.00 each.  The Government may subscribe for 10,000,000 shares or for such other number as the Minister may from time to time determine.  Any person may subscribe for and hold shares in the Corporation subject to rules as may be made by the Board with the approval of the Minister in that behalf.

Development Finance Corporation Annual Report

2011

Board of Directors and its Committees

The Corporation is under the direction and control of a Board of Directors comprising of nine members selected as follows: One person, not being a person holding an office of emolument in the public service of Belize, appointed by the Minister in his sole discretion.  Three representatives from the Government - Financial Secretary, Chief Executive Officer – Ministry of Economic Development, Chief Executive Officer – Ministry of Agriculture and five representatives from the private sector nominated by the organizations: Chamber of Commerce and Industry, Belize Bar Association, Belize Institute of Chartered Accountants of Belize, The Association of Tertiary Level Institutions of Belize, and Belize Credit Union League. The Board of Directors governs over the management and administration of the Corporation and is accountable to its owners for fulfilling the purposes of the Corporation.

The Board Management Credit Committee has delegated authority to approve loans up to $300,000.00.  All loans in excess of the amount are approved by the Board of Directors.

The Audit Committee was established to assist the Board in providing an independent review and monitoring of the effectiveness of the financial operations, the financial reporting process, internal control and risk management systems of the Corporation and to oversee the Internal Audit process.

The Legal Advisory Committee was established to provide assistance to the Board in the review of legal opinions and other legal documentation and to oversee proper administration of the loans under recovery by DFC’s attorney.

Profile of The DFC Board of Directors

Ms. Perla Perdomo - Chairman

Managing Director of Travellers Liquors Limited, Belize, City, Belize since 2006.  Prior to this, Ms. Perdomo has served in the following capacities: Administrative Officer at the International Development Bank country office Belize; Minister Counselor and Deputy Head of Missions, Embassy of Belize, Mexico City; Manager Sales and Accounts Payable, Travellers Liquors Limited, Belize, City, Belize; Foreign Service Officer with Latin America and Caribbean Desk, Chief Protocol Officer, Ministry of Foreign affairs, Belmopan. Belize.  Ms. Perdomo became a DFC Director in February 2008 and has been the Chairman of the Board since July 2008.

Mr. Jose Alpuche - Deputy Chairman

Chief Executive Officer of the Belize Agro-Productive Sector Group, an industry owned not-for-profit company established in October 2005. Prior to this, Mr. Alpuche has served in the following capacities:  Public Officer with twenty years service in various capacities including at the Ministry of Foreign Affairs; served on diplomatic postings to London as First Secretary and Brussels as Chargé d’ Affaires; Belize’s Representative to the World Trade Organization; Executive Chairman of BELTRAIDE, Belize’s Trade and Investment Development Agency; Chief Executive Officer in the Ministry of Investment and Foreign Trade; Chief Negotiator for Belize’s first bilateral trade agreement with Guatemala.  Mr. Alpuche is currently the Vice-President for Industry at the Belize Chamber of Commerce and Industry and has been representing the Chamber on the DFC Board of Directors since March 2009. 

Rev. Ashley Rocke - Director

A minister of Religion associated with the Baptist Association of Belize and is serving as President of the association. Mr. Rocke has also served in the following capacities: Worked at Belize Electricity Ltd in various fields of employment; worked with the Credit Union League over the past 15 years and is presently the assisting at the Evangel Credit Union.  Reverent Rocke is a Private Sector Director, Representing the Belize Credit Union League - BCUL on the DFC Board of Directors since March 2009.

Mr. Brett Feinstein - Director

Managing Director of Benny’s Enterprises Ltd; member of Council of the Institute of Chartered Accountants of Belize and presently hold the position of Treasurer.  Mr. Feinstein is a Private Sector Director, representing the Institute of Chartered Accountants of Belize - ICAB on the DFC Board of Directors since March 2009.

Mr. Christopher Coye - Director

Attorney at Law, Director of International Financial Services - Belize Corporate Services - BCS, and President of Belize Offshore Practitioners Associations - BOPA.  Mr. Coye is a Private Sector Director representing the Belize Bar Association on the DFC Board of Directors since March 2009.

Ms. Yvonne S. Hyde - Director

Chief Executive Officer, Ministry of Economic Development, Commerce, Industry and Consumer Protection since February 2008.  Prior to this, Ms. Hyde has served in various capacities: Ambassador of Belize to the European Union, Belgium, France Germany, Netherlands and Permanent Representative to the WTO-Brussels, Belgium; Executive Assistant to the Minister of Budget Management, Investment and Trade, Belize; Economic Policy Coordinator, Ministry of Economic Development, Belize; Minister Counselor, Embassy of Belize, Washington, USA; Permanent Secretary, Ministry of Economic Development, Belize; Economic Cooperation Officer, Office of Planning and Investment, Belize; Economist, Ministry of Finance, Belize; Economist, Caribbean Development Bank, Barbados and Economist, Central Planning Unit Belize. Mrs. Hyde is an Ex-Officio Director representing the Ministry of Economic Development, Commerce, Industry and Consumer Protection on the DFC Board of Directors since February 2008.

Mrs. Yvette Alvarez - Director

Advisor to the Ministry of Finance.  Mrs. Alvarez has more than ten years of experience working at the Central Bank of Belize, serving as Senior Manager of the Researched Department, and later as Deputy Governor overseeing the Economic and Financial Analysis Branch and later the operations of the Bank. Mrs. Alvarez is presently the Advisor to the Ministry of Finance and is the Ex-Officio Director Representing the Financial Secretary, Ministry of Finance on the DFC Board of Directors since March 2009.

Mr. Gabino Canto - Director

Chief Executive Officer, Ministry of Agriculture, Fisheries and Cooperative since February 2008. Prior to this Mr. Canto has serve in various capacities over a 30 year period of employment: Vampire Bat Control Technician, Agriculture Extension Officer/Animal Health Technician, Officer in Charge, and Livestock Officer at the Ministry of Agriculture, Lecturer, Livestock Science, Belize College of Agriculture at the Ministry of Agriculture; Associate Lecturer, Interim Dean, and later Lecturer, Faculty of Agriculture and Natural Resources, University of Belize.  Mr. Canto is an Ex-Officio Director representing the Ministry of Agriculture & Fisheries on the DFC Board of Directors since February 2008.