Belize Secures Access to Korean Economic Development Fund

Belize has been officially granted access to the Korean Economic Development Cooperation Fund (EDCF).  Negotiations began back in mid-2023 with Prime Minister John Briceno meeting with President Yoon Suk Yeol of Korea during an official visit on August 1, 2023.  It is that meeting that paved the way for Belize to now have access to loans from the fund.  Negotiations were done between both countries with Belize having representation from the Ministry of Foreign Affairs and Foreign Trade and the Ministry of Economic Development.  A formal signing, cementing this agreement, was done yesterday in Belmopan.  The signing of the agreement signals Korea’s willingness to partner with Belize in areas of sustainable development, and to offer financial, technical and technological aid in several areas.  Also during yesterday’s signing, Korean Ambassador, Won Hoon Cho, symbolically handed over a set of ICT equipment under the KOICA Project, dubbed, ‘Enabling the Belize Statistical System’.  Love News understands that seven government ministries are to benefit from the supplies as they serve to support Belize’s digital transformation agenda and evidence-based development planning.  Yesterday’s gathering saw a second agreement signed involving grant-aid to Belize from Korea.  According to the government, this grant-aid agreement is considered a significant milestone in the bilateral relations between both countries, and it also cements Korea’s commitment to helping with the advancing development initiatives in Belize. One interesting development out of this second agreement will be the establishment of a Korea International Cooperation Agency (KOICA) office in Belize, which will reportedly serve to facilitate larger-scale projects that are essential to Belize’s development.