Government promotes soybean project

In news from Cabinet, that body has approved an initiative to promote soybeans as a major new crop for Belizean farmers. The ten point five million dollar project, eighty-five percent of which will take the form of loans from the Government of Brazil, will establish processing facilities and finance field production. Currently twelve hundred acres of soybeans are cultivated locally, but demand is estimated at twenty thousand acres. The soybean industry is targeted for the Corozal and Orange Walk districts as an alternative to sugarcane. It is expected that demonstration plots will be ready by June with major planting to begin in October. Processing facilities should come on line by January of 2002. The Government of Belize will provide just under two million dollars in cash during the project’s first year. And speaking of cash, on Friday in Belmopan Prime Minister Said Musa will present the budget for the new financial year to the House of Representatives. The speech is expected to highlight major public sector investment in education, health and infrastructure to promote economic growth.