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Business, Companies & Organizations

BTL signs loan agreement to expand its services

Belize Telecommunications Limited is looking to expand its coverage and services. To that end, the company signed a loan agreement with Taiwan’s International Cooperation Development Fund (ICDF).  Ivan Tesucum, Chief Financial Officer at BTL said the thirty-five million dollar loan will assist the company to fiberize the majority of the country.

Ivan Tesucum – Chief Financial Officer, BTL : It is very significant because it is the replacement of outdated Copper infrastructure network that has already begun in July last year and this funding helps us on our path to ensure that the majority of the country of Belize is fiberized. Studies have shown that for every ten percent in broadband connectivity there is an increase in GDP of 1.38%. This means that for Belize it is a robust and good path to economic growth and activity. It also means that for Belizeans throughout the country of Belize, the infrastructure that is being laid with the support from Taiwan ICDF also parallels and gives them the ability to experience speeds that rival any jurisdiction throughout the world.

On hand for the signing was Ambassador Timothy Hsiang, Taiwan’s ICDF Secretary General who expressed satisfaction with forging a relationship with BTL.

Ambassador Timothy Hsiang – Taiwan’s ICDF Secretary-General: In the process of discussing with BTL I can feel strongly that the BTL with the fast response and our activities the way we are working together made me feel that not only the government itself but the BTL as well have a strong determination to develop the ICT related industry in our sectors so that’s the same reason I am very happy because I am here today to join the very important national development in Belize because everybody knows the importance of ICD development. Now we are so honored and pleased to be join this program and I believe the relationship now is to represent the new horizon for the relationship between Taiwan ICDF and Belize. It also indicates to go into further strong set the relationship between Taiwan and the Belize.

Rochus Schreiber, the Chief Executive Officer of BTL, said that the company is able to generate adequate funds for the project. However, the loan will assist the company to roll out the plan faster and it is estimated that it will be completed by the middle of next year.

 

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