News: Belize government in joint effort to create rural financing programme

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Belize government in joint effort to create rural financing programme

By Oscar Ramjeet
Caribbean Net News Special Correspondent
Email: oscar@caribbeannetnews.com

BELMOPAN, Belize -- The Central American Bank for Economics Integration (CABEI), and the government of Belize, with the support of the International Fund for Agricultural Development (IFAD), on Monday signed their first loan agreement to create a rural financing programme for the country.

According to a government press release, the project signed on Monday aims to contribute to the reduction of poverty of the rural population of Belize by increasing the incomes and assets of small farmers and rural population through improved rural financial services. The prime minister, Dean Barrow, signed on behalf of the government of Belize and Dr Nick Rischbieth, CABEI's executive president, signed on behalf of the bank.

The new programme will have national coverage and will target some 11,500 rural and low-income households, of which 4,000 are considered extremely poor. It is expected that women, youth, rural and indigenous populations will particularly benefit from this programme.

The total cost of the project is US$6.4 million to be disbursed over a period of seven years starting mid May 2009. US$3 million will come from IFAD, US$1.9 million from CBEI, and the remaining US$1.14 will be apportioned between credit unions and the government of Belize.

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