$ 20 Million for the Caracol Road; is it a Priority?

The Caracol Road is coming – well, not quite yet, but G.O.B. has announced that the funds for the project have been secured. On Monday, the Government of Belize signed a loan agreement with the Kuwait Fund for Arab Economic Development for twenty million U.S. dollars to finance the Caracol Road Project. The works include upgrading an existing primary dirt and gravel road to an asphalt two-lane, two-way road. Several bridges will be replaced covering some from the junction of the George Price Highway to the Caracol Archaeological Reserve. The road works is expected to last for four years to be completed by the end of 2022. Here’s more from Monday’s signing.

Marwan Al-Ghanem

Marwan Al-Ghanem, Deputy Director General of Operations, Kuwait Fund

“We have a fruitful cooperation with your good country since 1995. Up to now, we have had five projects, this one makes six and the projects are mainly in the transportation sector; mainly roads, with one in airport. Belize is considered one of the efficient countries that most of the projected implemented and completed in the specified time.”

Patrick Faber, Acting Prime Minister

“Let me join with our Fin Sec to welcome our very special guests from the Kuwait Fund and thank you on behalf of the Government and the people of Belize.”

The loan terms include an interest rate of two percent per annum and a repayment term of twenty years with a grace period of five years.

Opposition Leader John Briceño says that while the building of the Caracol Road is good news, the government should have used the monies where it is needed the most.

John Briceño

John Briceño, P.U.P. Leader

“On the building of the Caracol Road, it is a good thing. But I think there are more pressing needs. For instance where we have Belizeans need better roads for instance the road to Progresso, San Estevan, Sarteneja. These are areas where Belizeans live and have to travel every day. These are roads that we need to be able to take out our products. It seems then that the government is not giving the attention to the needs of the Belizean people, a more to an issue of want to say that we did this great project of paving the road to Caracol.”