Government and Santander Sign Deal for $20M Caribbean Sugar Refinery in Belize

Immediately after the signing of the loan agreement, a memorandum of understanding was signed between the government and Santander.  The MOU has to do with a new joint venture named Caribbean Sugar Refinery Limited (CSR).  It is the construction of a sugar refinery through the collaboration between Sucro Limited and Santander Sugar Limited (SSL).  The project, which is a significant public-private partnership, aims to enhance regional food security and create jobs by supplying the Caribbean with refined sugar.  CSR plans to invest USD $20 million to build the new refinery within the existing SSL mill complex in the Valley of Peace, Cayo, with operations targeted to begin in 2026.  Once operational, the refinery is expected to supply more than 75% of the refined sugar needs of the CARICOM market. Sucro CEO Jonathan Taylor stated that the venture is a “transformative step for the Caribbean sugar industry,” while SSL CEO Jose Rodriguez expressed pride in hosting the first phase of the refinery. Prime Minister John Briceno has pledged its full support to facilitate the project, which it believes will promote economic growth and regional integration.

Love News understands that the project involves a strategic investment of USD $20 million to be funded equally by the joint venture partners. The refinery will be built within the existing SSL mill complex in the Valley of Peace, Cayo District.