A loan motion of forty million US dollars from the Republic of China, Taiwan, was read today at the Sitting of the House of Representatives in Belmopan. The Government of Belize through its bi-lateral program of economic cooperation and development with the Government of the Republic of China (Taiwan) has received an offer of further financial support from the Government of the Republic of China, Taiwan. The offer of financial support is in the form of a long-term, low-interest Loan in the principal amount of forty million US dollars. The purpose of the loan is to provide for general budgetary support. The lender is the Export-Import Bank of the Republic of China, Taiwan. The loan will be disbursed in four equal annual installments over four calendars years from 2017 through 2020 with each installment consisting of an aggregate amount of up to the ten million US dollars. The loan is for 20 years with a grace period of three years. Prime Minister and Minister of Finance, Dean Barrow, clarified reports that he received regarding the loan.
Prime Minister Dean Barrow
“I just want to make clear I am sure those on the other side who have been here for a while will know exactly what is involved. I had a report of a certain Senator speaking to our constituents and saying some very ill-informed and ignorant things regarding this portion. This is simply another installment in the continuing economic cooperation program with Taiwan. Their loan and grant program is done in cycles of four years, the last four year program has come to an end, this is the new four year program, unfortunately, there is nothing additional in the proposed disbursements; the proposed mix of loans and grants but just to be clear that it is absolutely what happens every four years with the Republic of China and Taiwan.”
The repayment of the loan will be done in thirty-four consecutive, equal semi-annual principal installments commencing 42 months after the date of the first Advance made under the agreement.