Tuesday, April 23, 2024

Government of Belize, Taiwan, and IDB Form Agreement to Boost Jobs and Recovery

Share

On May 26, 2022, President Mauricio Claver-Carone of the Inter-American Development Bank (IDB) met with Vice Minister Alexander Tah-ray Yui to discuss strategic expansion of the cooperation between the IDB and Taiwan in Latin America and the Caribbean. During the meeting, the IDB and Taiwan’s International Cooperation and Development Fund (ICDF) signed a Letter of Intent (LOI) with Mr. Joseph Waight, Financial Secretary of the Ministry of Finance, Economic Development and Investment of the Government of Belize (GOB), to establish cooperation and coordination of IDB-approved financing that includes an additional $5 million from the ICDF that will be coordinated and supervised by the IDB program.

This agreement seeks to create employment and foster the economic recovery of micro, small, and medium-sized enterprises (MSMEs) in Belize. This collaboration builds on the IDB’s existing work in Belize that finances programs that support the protection of productive sectors. This program is also expected to benefit businesses that have been deeply affected by the COVID-19 crisis.

“At the IDB, we are thrilled to support Belize by empowering MSMEs, which are critical sources of jobs, innovation, and growth,” remarked President Claver-Carone. “Taiwan is a model of how to empower and leverage the private sector as an engine for growth to drive sustainable, transparent development and we look forward to working together to uplift Belize’s MSMES – in particular as we seek to replicate the Bank’s newly reached historic support for women-led businesses – as a means of reigniting recovery and growth across the region,” said President Claver-Carone.

“The Inter-American Development Bank is the most prominent development bank in the Western Hemisphere. Taiwan has been proactively seeking opportunities of cooperation with the IDB. Signing the Letter of Intent for the joint cooperation in Belize today marks the beginning of deeper engagement between Taiwan and the IDB. Through the partnership with the IDB, Taiwan looks forward to enhancing cooperation with all the democratic countries in the region,” said Vice Minister Yui.

“The Government of Belize is grateful for the continued support of the IDB and Taiwan toward the sustainable and balanced growth and development of Belize. The GOB is particularly appreciative of this program aimed at supporting women-led, small and medium enterprises which is seen as a key element in the economic recovery of Belize. The GOB commits to working closely with our development partners to ensure a successful implementation of this program,” stated Financial Secretary Waight.

The funds will help MSMEs, with a focus on women-led business, finance productive investments including purchases of plant equipment and machinery, expansion and improvement of productive infrastructure, plant and process retrofitting to adapt to new public health requirements, and the implementation of new technology, techniques, and processes.

The partnership’s focus on empowering small enterprises and promoting gender and diversity is closely aligned with “Vision 2025: Reinvest in the Americas,” the IDB’s blueprint for fostering recovery and inclusive, sustainable growth in Latin America and the Caribbean.

About the IDB

The Inter-American Development Bank is a leading source of long-term financing for economic, social and institutional projects in Latin America and the Caribbean. Besides loans, grants and guarantees, the IDB conducts cutting-edge research to offer innovative and sustainable solutions to our region’s most pressing challenges. Founded in 1959 to help accelerate progress in its developing member countries, the IDB continues to work every day to improve lives.

About the Government of Belize

The Government of Belize is hereby represented by the Ministry of Finance (“GoB”) is responsible for engaging with Development Finance Institutions and Multilateral Financing Agencies and Bilateral Partners for the financing and implementation of its economic development program.

About the International Cooperation and Development Fund (Taiwan ICDF)

The International Cooperation and Development Fund (TaiwanICDF) is dedicated to boosting socio-economic development, enhancing human resources, and promoting economic relations in a range of developing partner countries.

Read more

 

Please help support Local Journalism in Belize

For the first time in the history of the island's community newspaper, The San Pedro Sun is appealing to their thousands of readers to help support the paper during the COVID-19 pandemic. Since 1991 we have tirelessly provided vital local and national news. Now, more than ever, our community depends on us for trustworthy reporting, but our hard work comes with a cost. We need your support to keep delivering the news you rely on each and every day. Every reader contribution, however big or small, is so valuable. Please support us by making a contribution.

Local News