BEL Secures Major CDB Financing for Nationwide Smart Meter Rollout

Belize Electricity Limited (BEL) and the Caribbean Development Bank (CDB) have signed a twenty-seven point five million US dollar loan and grant package to modernize Belize’s electricity grid through a nationwide smart metering project.  The financing supports BEL’s Power VIII Project, which will see about 115,000 smart meters installed across the country. The new system will allow near real-time monitoring of electricity use, improve customer service, and strengthen grid reliability. The project also includes studies for major transmission upgrades to support future renewable energy expansion.  The package includes a USD 27.2 million loan and a USD 330,000 grant from CDB, along with USD 7.05 million in counterpart funding from BEL. This is the largest loan CDB has ever provided to BEL and the first issued without a Government of Belize guarantee, reflecting CDB’s confidence in BEL’s financial stability and management. BEL CEO John Mencias said the agreement marks a major milestone in the long-standing partnership between BEL and CDB, while CDB officials described the project as key to building a more resilient and climate-smart energy system in Belize.  The rollout is already underway and will be completed over three years. Installation will begin in Belize City, Placencia, and Ambergris Caye, followed by other districts and cayes, with nationwide coverage expected by the third year.  Once completed, the project is expected to improve energy efficiency, reduce losses, enhance power quality, and prepare Belize’s grid for future growth and renewable energy integration.