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Banking & Finance

Cabinet Gives Green Light for Municipal Bond in Belmopan

Cabinet has given its approval for the Belmopan City Council to float a municipal bond which will bring improvements and refurbishments to some thirty to forty thoroughfares.  Love News spoke with the Belmopan Mayor, Khalid Belisle on the way forward with this bond initiative.

Khalid BelisleKHALID BELISLE

“The Belmopan City Council has commenced the process of floating a municipal bond offering to the tune of some six point five million Belize dollars.  We have Cabinet’s approval; that was approved this past Monday and we expect the legislation for this Bill to be passed sometime relatively soon. In terms of the improvements that we are looking at, we are looking at it two fold in terms of upgrading the equipment on the vehicle fleet of the City Council.  We are hoping to spend in the vicinity of $500,000 there trying to modernize our vehicle and equipment fleet. One million dollars of that six point five million should go towards retiring a loan that we have with the Holy Redeemer Credit Union, leaving roughly five million dollars to be pumped into infrastructural improvements in the City of Belmopan. We have tentatively identified a listing of thirty to forty streets that should receive a significant upgrade in terms of the condition they are in.” 

According to Belisle, the works leading up to the approval of the bond, was done in close consultation with Belize City Mayor, Darrell Bradley.

KHALID BELISLE

“Certainly I haven’t gotten to this point without having consulted with Mayor Bradley; it is pattered very similarly after the offering he had for Belize City and so, yes, I have spoken with him about this matter before; I have taken some of his points under consideration and I will continue reaching out to him to avoid any mistakes, as you mentioned, that may have been made in the Belize City’s execution of it.” 

Love News understands that Minister John Saldivar, who also serves as the Area Representative for Belmopan had been working closely with Mayor Belisle and instrumental in lobbying for Cabinet’s approval.

 

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