Belize Commits to IDB Investment Despite Opposition Concerns

The Senate has approved a plan to pay for the country’s share in a major capital increase by the Inter-American Development Bank. Last March, the I.D.B. announced a three-point-five-billion-dollar boost to support a new model for its private sector arm, I.D.B. Invest. As a member, Belize must buy a hundred and thirty shares at twenty-one thousand dollars each. To meet this obligation, the government will spread payments over seven years. While U.D.P. Senator Sheena Pitts criticized the move, arguing the money should go toward urgent national needs, Government Senator Eamon Courtenay defended the decision, saying it’s a long-term investment in Belize’s private sector growth.

 

Sheena Pitts. U.D.P. Senator

“Help me understand that we do this now, you provide justification for doing this now instead of dealing with the teachers’ issues. And I hear KHMH, they’re kicking up. Yeah, you all have a storm ahead brewing. And you know, it’s stated, the Prime Minister knows. I would like to understand, really, genuinely, no cynicism, how is it that we can prioritize having the ability to ear mark this amount of money to put into the IDB Invest above and over what is emergent right now for Belizeans.”

 

Eamon Courtenay, Lead Senator of Government Business

“Make no mistake about it, the senators on this side, support the Belizean private sector. Make no mistake about it, we will continue to facilitate investment by the private sector by making concessionary loans available from IDB Invest. We will do it again and again and again in the interest of the Belizean people. And those, Madam President, who stand in opposition to this motion today, will have to answer to the Belizean people.”