BELTRAIDE Exec. Dir. Says Portico Port Project Failed to Meet Requirements
The second session of a Senate inquiry into the controversial Portico Definitive Agreement got underway today in Belmopan. That Definitive Agreement was granted to Portico Enterprises Limited which is seeking to establish the Port of Magical Belize. This particular inquiry seeks to determine the origins of the agreement between the past U.D.P. Government and David Gegg. The agreement was signed in October, 2020. Members of the Senate Special Select Committee continue to probe into all documents, communications, and processes that led to the presentation of the Definitive Agreement to the Cabinet. Today’s first witness was Doctor Leroy Almendarez, the Executive Director of Belize Trade and Investment Development Service, BELTRAIDE. The statutory body acted as the secretariat for the Cabinet Sub-Committee on Investments that existed under the successive Barrow administrations from 2008 to 2020. According to Doctor Almendarez, BELTRAIDE’s role was to take minutes, preparing the agenda, and providing information to the committee members. Doctor Almendarez explained to members of the Senate committee that there are steps that are followed before a project is approved. If the project does not meet the requirements, then it would not move forward. Doctor Almendarez says this was the case with the Port of Magical Belize project.
Leroy Almendarez
Dr. Leroy Almendarez, Executive Director, BELTRAIDE
“The next phase then is the submission of the business proposal. The company should consolidate components of step two with the following as well as detailed business proposal: comprehensive proposal with a table of content. You must have a marketing strategy, the phase and timeline of development, economic benefits, financial validation, environmental clearance, which is very, very important. If it’s required that we do a full EIA and that EIA is not conducted or that is not submitted as a part of your business proposal, then basically the proposal should not move forward. The Central Billing Authority, as well, has its role to play, must give a no objection to this investment and the supplementary documents in terms of the guidelines. I joined BELTRAIDE in 2018. These conversations have taken place already. One of the things that I know happened was that in terms of the prefeasibility, these were things that were conducted, but if you went through this there were things that were missing. For example, the EIA was not completed, proof of funding, and so therefore it meant that whatever step that was, because you notice it says throughout it continues to speak about source of funding that has to be ascertained. And so therefore if it was not, then it simply means that in this case, this project should not have proceeded because there were those things that were outstanding. And our job at BELTRAIDE is to inform whatever investor it is that until you satisfy these conditions, this application does not move.”
Kevin Herrera
Senator Kevin Herrera, Member, Senate Special Select Committee
“Would you recall whether or not the Portico investment was substantially discussed at the committee level?”
Dr. Leroy Almendarez
“The discussion that I’m aware of, and of course after reviewing a minute of whenever the presentation happened, there was, I could recall that there was a presentation, I think it was September the 4th, something like that in 2019. And in that conversation, that’s where, like I said, the purpose of an investor is to come and make a case to that or to make a case to that committee and it had to go through its phases. And like I said, as far as I could remember, in terms of the conversation, there were still those outstanding requirements. The thing about proof of funding and whether or not the full EIA was conducted. And if any entity does not provide those things or is substantiated by its presence in the application then it shouldn’t move. In any investment, we need to know that you have the funds to finance it. And up front, in its initial phase, depending on the level of investment, you either provide ten percent or twenty percent or show proof of funding. The other thing is the possible damage to the environment. And so therefore, it is important, depending on the level of investments, and how potentially it can harm the environment, whether or not it becomes just a clearance plan, or it’s a full EIA that’s requested. So it’s not a matter of passing a step. I can assure you from where I sit here or with BELTRAIDE that if these things are outstanding, the investment doesn’t move, it doesn’t move.”
Senator Bevington Cal, Member, Senate Special Select Committee
“So since these submissions were not met in step four, that means this project should have been at Step 3 then.?”
Dr. Leroy Almendarez
“I believe so. I believe so. And as a matter of fact, they were notified.”
