Government Wants a Go-Ahead of $73M to Buy More BEL Shares

The Briceño administration is seeking Parliament’s approval to spend approximately $73 million from the Consolidated Revenue Fund to purchase additional shares in Belize Electricity Limited (BEL). 

Prime Minister John Briceño introduced the Belize Electricity Investment Bill 2026 in Friday’s House meeting. “Strategically, the bill represents another step in Belize’s broader policy objective of increasing national ownership and influence within Belize’s electricity sector,” Briceño said.

Under the proposal, Government plans to acquire 8,138,020 convertible, redeemable preference shares at $9 per share

Opposition Leader Tracy Panton argued that government has not provided enough information for the public to assess whether the purchase is necessary. 

“BEL belongs overwhelmingly to the people of Belize. And we want it to succeed,” Panton said as she pointed out that GoB already owns 66% of shares in BEL. “This debate is about whether parliament is being asked to authorise the expenditure of $73 million dollars of taxpayers’ money without being provided all the information necessary to discharge that constitutional responsibility… That money belongs to the Belizean people; it represents schools that require repair, health facilities that require investments, roads that Belizeans have waited to be completed, water systems, drainage, housing, community development, support for young people, support for our elderly, support for our farmers, every dollar carries with it an opportunity cost.” 

Minister of Public Utilities Michel Chebat defended the investment and pointed to rising electricity demand. “What the Leader of the Opposition fails to admit is that Belize’s strong economic growth is placing a significant increase in electricity demand, requiring BEL to make substantial investments to expand and modernise the country’s transmission and distribution network,” Chebat said.