CABEI approves US$24 million for widening and rehabilitation of Philip Goldson highway in Belize
The project will benefit 39,000 users of the highway that connects Belize City with Mexico's southern border, favoring the trade of goods and regional competitiveness.
Tegucigalpa, April 26th, 2022.- A total of 25.75 kilometers of the Philip Goldson Highway in Belize will soon be rehabilitated with the support of the Central American Bank for Economic Integration (CABEI), which approved US$24.0 million in financing to its extra-regional partner country for the execution of this road infrastructure initiative.
It is estimated that the new works will benefit approximately 39,000 users, which will increase to 63,800 by 2039. It would also represent annual savings of US$695.8 thousand in road maintenance costs and generate 775 temporary jobs during project execution.
"In January, we visited Belize to reaffirm our commitment to improve the quality of life of its inhabitants by modernizing the country's public services with more and better investments. Today we are pleased to approve this vitally important initiative for the region, since by linking Belize City with Mexico's southern border, it will improve trade in goods and create greater opportunities," highlighted CABEI Executive President Dante Mossi.
The operation is framed within CABEI's Human Development and Social Inclusion Pillar as well as Sustainable Competitiveness. The financial conditions of the loan are for a 20-year term, including a three-year grace period, with an indicative annual interest rate of 3.85%.
Belize has been a non-founding CABEI regional member since 2006 and this new approval is in addition to its active portfolio of US$11.00 million, which guarantees citizen security through the strengthening of national security institutions; in the 2020-2021 period, three emergency grants were awarded for US$2.0 million to address the emergency caused by the COVID-19 pandemic and the damage caused by Hurricane Eta.