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GOB signs $10M loan to address climate change

Belize has received a ten million US dollar loan from the Inter-American Development Bank (IDB). The money has been earmarked to address Belize’s vulnerability to climate change. The second component of the project will deal with disaster risk management governance and climate change adaptation in the tourism sector. Signing on behalf of the Government was Prime Minister Dean Barrow and Country Representative Dr. Cassandra T. Rogers signed on behalf of the IDB.

Dr. Cassandra Rogers, Country Representative, International Development Bank: “This investment came out of the Hurricane Earl in August of 2016 and the Bank is very pleased to continue the support of the Government of Belize in the area of climate resilience. In the context of this particular operation we are continuing the work that we completed under the flood mitigation infrastructure program in Belize City where we saw that as a result of the investments flood levels in Belize City were reduced during Hurricane Earl however the studies conducted under that program show that there is additional work to be done- part of it which will be completed under this program. So we are very pleased to continue the collaboration and cooperation with government of Belize.”

Rt.Hon.Dean Barrow, Prime Minister: “Of Course I am pleased to be able to say that while all IDB projects in Belize are excellent projects this one is I think particularly relevant, particularly useful, particularly valuable, and particularly timely so let me repeat that it gives me great pleasure to be able to sign the documents with you today and place on record the continuing gratitude of the Government of the Belize to the IDB, our continuing appreciation of the excellent cooperation between us, the tremendous support that we get from the bank.”

The loan is for a term of 25 years with a five and a half year grace period.