- January 31, 2018
- Category: News
(L-R) Hipolito Bautista, Manager (Ag.) Marketing & Communications, Development Finance Corporation (DFC) | Natalie E-Wing Goff, General Manager, DFC | Peter Blackman, Portfolio Manager, Private Sector Development Unit, Caribbean Development Bank (CDB) | Dennis Jones, Chairman, DFC | Franklyn Magloire, Assistant General Manager, Lending Operations, DFC
Belize City, Belize
Under the theme “Facilitating DFC’s Developmental Mandate,” The Caribbean Development Bank (CDB) and the Development Finance Corporation (DFC) today, launched CDB’s 8th Consolidated Line of Credit to the DFC.
This new BZD $40 Million credit line, guaranteed by the Government of Belize, enables the DFC to continue financing, on affordable terms, market segments that are not readily catered for by the commercial banks and other financial institutions. It serves DFC’s financing of priority sectors such as small and medium size enterprises, student loans, low income housing and energy efficiency / renewable energy projects.
The CDB 8 Credit Line is complimented with a Technical Grant of BZD $370,000 for institutional strengthening and capacity building as well as to support DFC’s due diligence for climate risk assessment of sub projects.
Between 2009 and 2016 the CDB made available to the DFC 82 MN BZD in long term financing, half of which was approved in 2016, demonstrating the confidence the CDB holds in DFC’s operations.
In his formal address ‘DFC as an Agent of Economic Transformation, CDB’s Continuing Support,’ Mr. Peter Blackman, Portfolio Manager, Private Sector Development Unit, CDB stated, “Given the higher incidence of poverty in rural Belize, providing funds to DFC for support to agriculture is a strategic investment in the country’s development and especially in providing opportunities for rural households to earn income.”
With reference to the housing sector, Mr. Blackman indicated that housing was the most conspicuous aspect of social provision and highlighted some of the additional benefits to be derived from home ownership including access to finance, particularly for education.
The Credit line also includes an allocation for tertiary level education geared at developing Belize’s human capital and facilitating participation in the local and regional labour markets through increased certification.
Mr. Franklyn Magloire, Assistant General Manager, Lending Operations of the Development Finance Corporation highlighted some of the new initiatives the DFC is now undertaking including climate resiliency, energy conservation and gender mainstreaming initiatives.
Through this new Program, the CDB and DFC continue to support the national development priorities of the Government and People of Belize.