Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697644518586.pdf (Belize)
Inter-American Development Bank - Program for Sustainable and Inclusive Belize – US$15 Million Loan Motion, 2023.
WHEREAS, Belize, as a member of the Inter-American Development Bank (the “Bank”), is eligible for development assistance in the form of loans, grants, and technical assistance from the Bank on such terms and conditions as may be agreed between Belize and the Bank from time to time; AND WHEREAS, the Government of Belize has approached the Bank for financial assistance to execute a Program that will improve the competitiveness, climate resilience, and environmental sustainability of Micro Small and Medium-sized Enterprises (MSMEs); AND WHEREAS, the Program will consist of two components whose activities will (i) provide direct support to farmers, agricultural groups and MSMEs for sustainable and inclusive development in the area of environmentally sustainable and climate resilient farming systems and sustainable and inclusive Agri-food markets and (ii) create an enabling environment for sustainable and inclusive tourism development to address competitiveness, sustainability and resilience entrepreneurship barriers; AND WHEREAS, it is intended that the execution of the project shall be carried out, on behalf of the Government, by the Ministry of Finance, Economic Development and Investment, acting as Executing Agency; AND WHEREAS, the Bank has offered financing of up to US$15,000,000.00 from its Ordinary Capital Resources for the said purpose under the following terms and conditions: Lender: Inter-American Development The Bank; Loan Principal Amount: US$15,000,000.00; Disbursement Schedule: Loan Term: Repayment Period Over a period of five (5) years from the date of signature of the Loan Contract; Twenty-five (25) Years inclusive of sixty-six (66) months Grace Period on Principal Repayments; To be repaid in 39 approximately equal, semi-annual, and consecutive installments of about US$384,615; Purpose: Rate of Interest: Credit Fee: To execute a program that will and promote improve sustainable the in agriculture and tourism sectors; livelihoods incomes Interest will be charged on the daily outstanding balance of the
 loan, as per the SOFR-Based Interest Rate, plus the applicable lending spread for the Bank’s ordinary capital loans; A Credit Fee will be charged on the undisbursed loan balance at a percentage to be established by the Bank on a periodic basis, not exceeding 0.75% per annum; AND WHEREAS, under the provisions of section 7 (2) of the Finance and Audit (Reform) Act, 2005, the Government of Belize is required to obtain the prior authorisation of the National Assembly, by way of a Resolution, for such a borrowing; NOW, THEREFORE, BE IT RESOLVED that this Honourable House, being satisfied that the Loan proceeds would significantly assist the Government of Belize in its efforts to support sustainable and inclusive economic growth among MSMEs in two of Belize’s main economic sectors, approves and confirms that the Government may enter into a Loan Contract with the Inter-American Development Bank on the terms and conditions set out above, and further authorizes the Minister of Finance to execute and deliver the said Loan Contract and all other documents associated therewith.