Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697644521067.pdf (Belize)
Inter-American Development Bank - Program for Digital Innovation to Boost Economic Development in Belize - US$10 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, in an effort to promote growth and increase efficiency in Belize’s economy, has approached the Bank for financial assistance to execute a Program that will promote the digitalization of firms and government services; AND WHEREAS, the Program will consist of two components whose activities will: (i) promote the growth of firms, especially women-led MSMEs, through increased adoption of digital solutions; (ii) promote the efficiency of firms through digitalization of licensing processes; and (iii) reduce costs for citizens through the digitalization of civil registration services; 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$10,000,000.00 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$10,000,000.00; Disbursement Schedule: Loan Term: Repayment Period Purpose: 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$256,410; To execute a program that will stimulate in sales and efficiency of firms through digital increase Rate of Interest: Credit Fee: their transformation and supply and access to digital services; increase 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 authorization 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 continued efforts to drive economic growth in Belize by promoting digital innovations in order to achieve its vision for Belize to become a digital economy, 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.