D.F.C To Offer Student Loans on Financing from C.D.B.

Eamon Courtenay

The Senate met today at the National Assembly Building in Belmopan. A minute of silence was observed in honour of the late Sylvia Flores, who served as the first female Speaker of the House from 1998 to 2001, as President of the Senate from 2001 to 2003, as first female Area Representative for Dangriga from 2003 to 2008, and Acting Prime Minister of Belize. Flores passed away on December sixth. The first order of business thereafter was the Oath of Allegiance of Ian Jones as senator for the U.D.P. for today’s session – the last for 2022. Leader of Government Business, Senator Eamon Courtenay gave the details of a loan of seven million dollars in the first instance and another for five million dollars to finance the Development Finance Corporation, D.F.C’s student loan program.

Senator Eamon Courtenay, Leader of Government Business

“Key terms and conditions of the loan agreement are as follows: Loan amount: an amount equivalent to seven million, or in U.S., three point five million for O.C.R., and five million (or) U.S two point five million from S.F.R. Repayment terms: sixty-eight equal or approximately equal and consecutive quarterly installments, commencing five years after the date of the loan agreement. Interest rate: variable rate on the O.C.R portion disbursed in outstanding from time to time at a fixed rate of point seven five per annum on the S.F.R. portion disbursed in outstanding from time to time. Payment frequency: quarterly; commitment fee: point zero two five percent per annum on any amount of the O.C.R portion disbursed from time to time. Such fee shall accrue from the sixtieth day after the date of this loan agreement and shall be payable quarterly. Implementation: implement and administer the project in accordance with the bank’s student loans scheme guidelines and maintain procedures acceptable to the bank for processing and making sub-loans.”