Belize Secures $77 Million Loan from Saudi Arabia for 60-Megawatt Solar Plant
And to aid the country’s growing need for energy, the government has sought funding from Saudi Arabia to construct a 60-megawatt solar plant. The 77-million-dollar loan was obtained in March through the Saudi Fund for Development (SFD) and aims to improve Belize’s energy independence by reducing reliance on foreign energy sources. Minister of State in the Ministry of Finance Christopher Coye says that work has begun to identify the location of the plant and explained that Belize has sought technical assistance to fast track the project.
Coye says that while the operating logistics are yet to be finalized, the government is grabbing its energy issue by the horns. He further added that Belize is working with the World Bank to investment in battery energy storage.