Robert Garcia appointed to salvage Nova shrimp farm

One of Belize’s largest shrimp farms is in financial trouble and its lenders are looking for ways to put it back in shape. In 1998 the Nova Farm, located in Ladyville, borrowed nine point five million U.S. dollars from the International Finance Corporation, which is the private lending arm of the World Bank, and the Netherlands Development Finance Company. With plummeting world prices over the last several years, however, Nova could not meet its obligations and several weeks ago suspended operations, leaving hundreds of employees out of work. According to an I.F.C. release, the two lenders have appointed retired general Robert Garcia to take over the operation with an eye to finding new investors. The I.F.C. and Netherlands bank will presumably provide flexible financing for whoever decides to buy. Garcia, who formerly ran the Novelo’s Bus Company during its period of receivership, was more recently working as national campaign manager for the United Democratic Party. According to a congratulatory U.D.P. press release, he will be replaced in that post. Nova has been in operation since 1989.