Belize Signs $7M IDB Loan to Boost Jobs and Workforce Training

A symbolic loan agreement between the government and the InterAmerican Development Bank was signed this morning with a sum of up to seven million US dollars.  The agreement is reportedly geared at improving the labor force in the country with a view of the inclusion of migrants, women and young persons.  The loan will finance the program to Improve Labor Force Participation and Employability in Belize.  The program is designed to increase labor force participation, meaning more Belizeans will be encouraged and enabled to enter the workforce.  It is also geared at improving employability, by ensuring workers have the right skills, training, and support to meet the demands of today’s job market.  Additionally, it will focus on areas such as technical and vocational training, upskilling, and youth employment programs.  According to Julie Ramlal, the Communications Consultant for the IDB Country Office Belize, the program will also support women, youth, and vulnerable groups who often face barriers to employment.

Julie Ramlal, Communications Consultant, IDB Country Office, Belize: “In this ceremony the Government of Belize and the Inter American Development Bank will sign a ceremonial document to reaffirm the high priority given to the financing of the programs to improve labour force participation and employability in Belize. The objective of the program is to increase the supply of skilled labour in Belize especially among women, youth and migrants. The specific objective are improving services that promote access to the labour force of the general population while providing specialized support to women, youth and migrants and increasing skill supply through relevant and quality focused training in priority sectors. The bank will finance the program with a loan of up to $7 million US dollars chargeable to the resources from its ordinary capital and a nonr-eimbursible investment financing of up to $1 million US dollars chargeable to the bank’s grant facility. The program’s activities will also be finance by the resources of a joint cofinancing through a separate loan of $7 million US dollars provided to Belize by the International Cooperation and Development Fund Taiwan ICDF.”

The signing took place just before midday today at the Belize Investment Summit in San Pedro Town.