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BCCI and IDB sign Technical Cooperation Agreement

The Belize Chamber of Commerce and Industry, BCCI, and the Inter-American Development Bank, IDB, yesterday signed the Technical Cooperation Agreement for the project entitled Proadapt Belize – Increasing Climate Change Resilience and Related Business Opportunities, with the objective of increasing private sector climate resilience in Belize. The project is funded by the Multilateral Investment Fund, MIF, a member of the IDB Group through the PROADAPT funding structure. PROADAPT was created to pilot and support the development of new and innovative methodologies, tools and business models to help micro, small and medium enterprises, MSMEs, in Latin America and the Caribbean increase their climate resilience and take advantage of related businesses. In this context, the project will develop practical business models and tools to help MSMEs in Belize anticipate and prepare for climate-related threats to their assets, value chains and local communities, to become more climate-resilient, and to tap into an increasing number of market opportunities as risks from climate change increase. The expected impact of the project is improvement in the resilience of buildings, flood-proofing of waste and waste water management systems, protection of coastal areas, and diversification of energy services with renewable sources to name a few. The Project has a total value of US $341,500 of which US $203,000 is from the IDB/MIF and the remaining US $138,500 is counterpart funding from the BCCI and its primary stakeholders. The execution period for this Project is two and a half years and the BCCI is the executing agency.