Michael Peyrefitte Support Stake Bank’s Port Project

Michael Peyrefitte

One of the key concessions made in the Definitive Agreement is that the government will “ensure that no third party (potentially) competing with the Developer shall, within a twenty-five mile radius, be given any tax benefits or duty concessions for a period of twenty-five years from the commencement date.” This would then mean that Waterloo’s Port of Belize Expansion Project and the Stake Bank Port Project would not benefit from tax benefits. That’s if the Briceño Administration decides to adhere to the Definitive Agreement. Former U.D.P. Attorney General Michael Peyrefitte was asked about it.

Michael Peyrefitte, Former U.D.P. Attorney General

“I don’t support the Waterloo Project but they are going through a process. So I respect that. He is entitled to his opinion and I am entitled to mine. I support Stake Bank because that is a hundred percent local company that will benefit local people and the profits will stay here unlike what you see here that Portico wants permission to have foreign exchange be immediately available  and approval for people who work here, who are foreigners to expatriate their profits and their salaries. How can I support something like that? I don’t think, in my view, that Waterloo would be any different so I make no apologies to support Stake Bank.”