M.O.U. Signed for Economic Growth & Development

Earlier this week, a memorandum of understanding was signed between Resilient Rural Belize and the University of Belize. The Resilient Rural Belize program was signed back in 2018, but was never implemented. At risk of losing financial support from the International Fund for Agricultural Development, the program will now be delivered through partnership with the University of Belize. C.E.O. in the Ministry of Economic Development, Doctor Osmond Martinez says two hundred thousand Belize dollars will be placed into the research-based program to benefit micro, small and medium enterprises which represent ninety-three percent of businesses in Belize.

Dr. Osmond Martinez, C.E.O., Ministry of Economic Development

Dr. Osmond Martinez

“I am rejoicing because it is not only the Government of Belize and the University of Belize that will enjoy the results of this research, but it is more important that it is the small farmers, the MSMEs. When you look at the micro, small and medium enterprises, they represent ninety-three percent of our business ecosystem in Belize and only seven percent are considered large businesses, of which the MSMEs contribute seventy-five percent of G.D.P., but still the policies that are within the government are aligned to the large enterprises which has to change because the MSMEs are contributing, but they are not benefiting from any policy or legislation within the government. But the Briceño Administration has acknowledged it and along with I.D.B. we are working on some policies where the MSMEs will enjoy this benefit.”