Business & Economy

On Monday, September 20, 2021, the Ministry of Agriculture, Food Security and Enterprise (MoA) and the Development Finance Corporation (DFC) signed a Technical Partnership Agreement (TPA) enabling the two institutions to more effectively share knowledge, information, expertise and support the efficient provision of financing to Belizean farmers and micro, small and medium enterprises (MSME).

The Ministry of Agriculture, Food Security and Enterprise and Belize Livestock Producers Association in collaboration with the Belize Agricultural Health Authority facilitated the artificial insemination of 30 cows from the Central Farm herd.

The Government of Belize (GOB) has made an equity investment of BZ$31.1 million into the Development Finance Corporation (DFC) comprising of a Debt-to-Equity Swap and a Conversion to Equity of two agency accounts namely, the European Union Sugar Cane Replanting Program (SCRP) and the Belize Rural Credit Fund Program (RCF).

The Inter-American Development Bank (IDB) approved a US$15 million operation to support the sustainability of the micro, small and medium enterprises (MSMEs) in Belize. The project will help to protect employment and promote the economic recovery of MSMEs through access to production-oriented finance.

An online service that allows users to transfer money, purchase items, and pay bills online has been launched in the country by Belize Bank. This new platform is called E-Kyash and was initiated at their San Pedro branch on Friday, August 6th. E-Kyash is a first-of-its-kind in Belize’s financial sector and has been well received on La Isla Bonita, with thousands of islanders already signed up for the service.

A report on the increased price of flour has raised eyebrows among the many Belizeans who enjoy flour tortillas, fry jacks, and of course, pack bread every day. The increase reportedly reflected the popular ‘La Gitana’ and ‘Bebe Agua’ flour brands. With the rise in this staple, the same was expected with bread, buns, and pastries. While in San Pedro Town, the local bakery did not confirm an increase in their prices, the government’s Supplies Control Unit (SCU) of the Belize Bureau of Standards issued an official note on Wednesday, August 4th pointing out that there has been NO CHANGE to the controlled price for Bebe Agua and La Gitana flour in the marketplace.

The recent announcement of the upcoming monthly bridge fees to access the Sir Barry Bowen Bridge had many islanders up in arms and confused, pointing out that the proposed prices were too high given the island is still trying to recover from the economic effects of the pandemic. In view of these concerns, the San Pedro Town Council (SPTC) revised the fees and on Wednesday, August 4th presented the updated fees to use the bridge. The new adjusted monthly prices according to the SPTC are, taxi/hotel transport vans/small cargo trucks is $150, while golf cart rentals will be charged $250 covering a total of 15 carts and $50 for an additional ten carts. In regards to the private motor vehicles/goods trucks the monthly fee will be $75. The only rate that did not change was the one for large vehicles such as dump trucks, which will remain at $500.

The Ministry of the Blue Economy and Civil Aviation has introduced its five-year strategic management plan to achieve sustainable economic development for healthy marine environments and a strong economy derived from the wealth within the sea. The ministry counts with the support of an advisory body known as a ‘Cluster,’ providing high-level guidance and direction during the initial stages of establishing a framework and successfully executing a sustainable blue economy for the country.