SSB Eyes $20 Million Hydro Belize Investment

The Social Security Board is looking to put twenty million dollars into Hydro Belize shares, and Prime Minister John Briceño says it is a smart move. But with workers’ money on the line, the bigger question is whether SSB is making a sound investment or taking on too much risk in one place. The board has already issued public notice of the planned purchase, and today we asked the Prime Minister why he believes the investment makes sense.

 

Prime Minister John Briceño

“I think it is a good investment. As you all know, social security, the last time I checked, had over a hundred plus million dollars and they need to put that money to work. If they can’t invest that money, by 2030 they will have to raise contributions and they look for solid investments, investments that will bring at the minimum a five percent rate of return. Unfortunately, BTL is nowhere near that and we have to try find ways we can fix that. But with Hydro Belize they are saying in the prospectus that they expect ten percent or probably as much as twelve percent dividend on a yearly basis. So, it is a good investment and an investment that we support.”

 

SSB will hold approximately one point forty million dollars ordinary shares in Hydro Belize, representing about thirty percent ownership. 

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

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