By Aaron Humes: The Government of Belize has announced a significant development in its efforts to enhance the country’s infrastructure with the approval of a substantial loan from the Caribbean Development Bank (CDB). The loan, amounting to approximately US$34.5 million, is earmarked for the rehabilitation and improvement of about 24 kilometers of the George Price Highway connecting Belize City to Hattieville.
The loan comprises two components: US$25.9 million from the Bank’s Ordinary Capital Resources and EU€8 million (approximately US$8.6 million) from its Special Funds Resources through the Italian Line of Credit. The terms stipulate a repayment period of 68 quarters, starting five years from the signing of the loan agreement. Interest rates will be set at 4.9 percent per annum for the ordinary capital portion and 1.4 percent for the special funds portion.
The planned enhancements include the replacement of the Burdon Canal Bridge, a critical element in ensuring the safety and efficiency of transport along the highway. With the full disbursement of the loan expected by December 31, 2027, the project aims to create a safer, more accessible route for motorists and enhance the overall resilience of the country’s transport infrastructure.
On Thursday, the House of Representatives wrapped up a lengthy session centered on the Caribbean Development Bank’s Eighth Road Project Loan Motion. The discussion sparked intense debate, particularly from Opposition members who raised significant concerns regarding the duration of repayment and the transparency of the project.
Tracy Panton, Leader of the Opposition, emphasized the broader implications of the loan, which she said amounts to $69 million in new debt over a repayment period of 22 years. Panton equated the repayment timeline to the long-term educational journey of a student, suggesting that young Belizeans would still be burdened by this debt long after seeking their education.
“Let me put that in perspective,” Panton stated. “If my math is correct, this $69 million represents 4.6 million dollars a mile. This represents the most expensive stretch of highway the country has ever seen.”
Area Representative Lee Mark Chang also voiced skepticism, noting that the current condition of the Burdon Canal Bridge and the highway itself did not warrant such a hefty expenditure. “If it’s not broken, why would you change it?” he questioned, arguing that the road would remain usable for several more years without significant investment.
In response to these criticisms, Minister of Infrastructure Development Julius Espat defended the necessity of the project. Not only is the highway the most important and trafficked in the country, he said, it has formed part of the national commerce, for instance Belize Sugar Industries Limited (BSI) using it to transport sugar for export. Yet it is in the most deplorable state, with no shoulders, no line markings, and multiple accidents.
Espat reminded that this is part of a five-block project, three sections financed by loans and two by grants. Already completed is the section from Belmopan to the Western Border, while a loan is being sought by the Government for the section from La Democracia to Belmopan and from Hattieville to La Democracia from the OPEC Fund. The two grant-funded sections are the replacements for the Belcan and Swing Bridges from Taiwan and Japan, respectively.
The post Government of Belize secures US$34.5 Million loan for George Price Highway rehabilitation; House debate rages appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Aaron Humes: The Government of Belize has announced a significant development in its efforts to enhance the country’s infrastructure with the approval of a substantial loan from the Caribbean Development Bank (CDB). The loan, amounting to approximately US$34.5 million, is earmarked for the rehabilitation and improvement of about 24 kilometers of the George Price
The post Government of Belize secures US$34.5 Million loan for George Price Highway rehabilitation; House debate rages appeared first on Belize News and Opinion on www.breakingbelizenews.com.