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Cabinet Approves A Draft for Public Private Partnership Policies

Cabinet met in session on Wednesday. According to a brief issued today, the group of Ministers approved a draft Public Private Partnership (PPP) policy. They also approved the creation of a PPP Unit to mobilize private sector capital that support large-scale investment in infrastructure and other development projects that align with government’s policy priorities for public benefit. On the issue of the rising cost of fuel, Cabinet says it is concerned about the issue and as a result, agreed to a team to look at possible mitigation measures. Staying on the environmental front, Cabinet gave the approval for the Ministry of Economic Development (MED), as the National Designated Authority, to seek accreditation to the Green Climate Fund (GCF). The Ministry will be seeking accreditation to access up to US$50 million for programmes and projects. This will enable the Government of Belize to continue transitioning the country’s economy from traditional to more modern along a low-emission, climate-resilient pathway towards true sustainable development.