Belize Progressive Party Wants More Details on Santander Loan

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Updated: February 11, 2016

Belize Progressive Party (BPP) also weighed in on the issue. According to the BPP, even though they have no objections to investments in Belize with greater returns, they are asking the Social Security for transparency in the loan. Public Relations Deputy, Charles Leslie Jr. of the BBP told us about their concerns.

CHARLES LESLIE JR

“We actually can’t say if we are on board. We would like to review our prospectus. We would like full disclosure and all the details of this loan to Santander and see exactly what are the terms especially the interest rate. For example if they were getting an interest rate from the people’s money say 6% why can’t Belizean owned businesses get that same interest rate? That is the main concern. We have no details to make an educated decision and also then formulate a response as a political party because we don’t have that information.”

Leslie says they cannot understand why such a successful company would need to borrow from Belize.

CHARLES LESLIE JR

“We are also concerned as to why a foreign company has to get investment from within the country they are bringing their foreign investment to invest in. We also have to acknowledge that even if they borrowed this money from local banks that money is still the peoples of Belize’s resource because it is money that is being deposited from Belizean business and people so that money even from the commercial banks is from the people unless they are tapping into their foreign reserves, that is a different story.’

BPP demands that the public be informed of all past and present loans.