The Belize Credit Union League Ltd. (BCUL) has signed a project with the Inter-American Development Bank Lab (IDB Lab – formerly the Multilateral Investment Fund) to boost climate resilience of farmers and fisherfolk through the green microfinance in Belize. Under the Caribbean EcoMicro Program, BCUL and three of its credit union affiliates – St. Francis Xavier Credit Union, Saint Martin’s Credit Union and Toledo Teachers Credit Union will receive funding to design and pilot adaptation finance that will increase access to climate-smart technologies, products and services. Lindburgh Smith, the Business Development officer for the Credit Union league said $850,000 US dollars will be disbursed over the duration of the project.
Lindburgh Smith, the Business Development officer for the Credit Union league: “An Eco Micro Project which is looking at CEU’s or Credit Unions offering green financing and we are looking at four districts: the southern, the northern, the western and the Belize District itself and the the Eco Micro Project is a project that looks at green financing or where we are looking to build the capacities of small and medium enterprise to invest in smart technologies to increase or build their resilience against climate change. It is ia project that will take at least four years of getting to get that project completed and there are four areas that we are looking at: The first one is where the consultants will be doing a market analysis to ensure what the needs are and the wants and then perhaps operating and developing green finance products. The second phase of it is looking at the participating Credit Unions loan portfolio and assessing the vulnerability to climate change. The third phase of this is institutional grooming whereby we are looking at minimizing the carbon footprints of these Credit Unions and the league and then the final is the knowledge sharing where we will be looking at perhaps the documentation of the processes along the way, and the lessons learned, best practices and so on.”