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BELIZE: CABEI’s Newest Non-Founding Member

With Belize being downgraded by Standard and Poor’s Global Ratings and with the International Monetary Fund recently providing a bleak outlook for Belize as well as Moody’s Financial Services, one good thing coming out of the financial front is the fact that Belize recently joined the Central American Bank for Economic Integration (CABEI).  It may prove positive as with Belize being full fledge member of CABEI, the country will enjoy full participation on the CABEI’s Board of Directors and Board of Governors.  Belize’s Prime Minister, Dean Barrow reportedly wrote to the CABEI’s Executive President, Dr Nick Rischbieth informing him that Belize had completed the terms and conditions to become a non-founding regional member.  Up to recently, Belize was only a beneficiary country and has held that status since November 2, 2006.  With its new status with CABEI, Belize will have access to more financing geared at economic and social infrastructure projects that are in line with the CABEI’s 2015 to 2019 Institutional Strategy.  According to a release on the CABEI website, President Rischbieth noted that, quote, “Belize’s new position in CABEI will strengthen the Bank’s financial soundness with international risk rating agencies, boosting its capacity to attract greater resource amounts with better conditions to finance programs and projects targeted at complying with the institutional mission of promoting the economic integration and balanced economic and social development of the Central American region.”  End of quote.  Also becoming non-founding members recently are Panama and the Dominican Republic.