New road to link Mexico with free zone

Another public/private partnership will be developing some new infrastructure at the northern border. A release from Galeria Maya Limited says that company has embarked on a joint venture with the Commercial Free Zone Management Agency to construct over a mile of four lane highway between the frontier and a new entrance to the Free Zone. The road, which will ease the traditional traffic jam across the bridge into Mexico, as well as the congestion within the free zone, complements efforts by the Belize Government to build a new user friendly customs and immigration facility. The four-lane boulevard will follow the route of the existing road as it curves west from the foot of the bridge and will enter the free zone at an entrance now called Gate Charlie. From there it will go through the zone to the entrance of Galeria Maya, a casino and hotel complex on Four Mile Lagoon that after a slow start is said to be gathering steam. Financing for the one point eight million U.S. dollar road is a somewhat complex affair, involving the creation by the partners of an offshore company registered in the British Virgin Islands. That company will then borrow the U.S. cash from a Spanish bank, working through the offshore facilities of Belizean owned Provident Bank. Provident is affiliated with the managing partner in Galeria Maya, Glenn Godfrey. The loan, according to Commercial Free Zone CEO Joel Cervantes, is secured by property owned by each of the parties. The road itself will be built by a Mexican contractor said to be employing a number of Belizean sub-contractors. When asked what was the payoff for both parties, Cervantes explained that Galeria Maya needs improved access for its well-heeled customers, while the Free Zone will benefit from less congestion and the additional revenues to be generated by gamblers and vacationers headed through the zone to Galeria Maya. When asked whether Belizeans would be among those patronising the new entertainment complex, Cervantes said that Galeria Maya will be open only to foreigners, although large numbers of Belizeans would be employed there.