Belize joins Central American Bank

The notion that Belize is a bridge between Central America and the Caribbean has been repeated so often that it is now just an empty cliché. But while that span has yet to be constructed Belize has been deepening its integration with both sub-regions on parallel paths. Today we worked the mainland side of the tracks by joining the Central American Bank for Economic Integration.

Said Musa, Prime Minister of Belize
?We are joining CABEI at a time when we are focussing on macro-economic stability, while trying to increase the levels of social investment in Belize. CABEI is an extremely important and powerful regional body and by joining we are further consolidating our independent identity in Central America and allowing for greater cooperation with our neighbours. Mindful of our macro-economic situation, the CABEI board has agreed that Belize will only have to pay U.S. six million, two hundred and fifty thousand dollars or twenty-five percent of the total financial subscription of U.S. twenty-five million. This shall be paid in four equal payments of U.S. one million, five hundred and sixty-two thousand, five hundred dollars, financial secretary per year for the next four years. The other seventy-five percent, or U.S. eighteen million, seven hundred and fifty thousand is callable and is the maximum that can be requested after negotiation with Belize in times of emergency. Once this agreement is signed, the first payment of U.S. one million, five-sixty-two, five hundred to CABEI will be made within thirty calendar days, allowing Belize to immediately benefit from CABEI?s programmes.?

According to the P.M., the money borrowed from CABEI will be used for a wide range of activities such as poverty alleviation, education, health, sustainable rural development, and small and medium enterprise funding.