IDB approves US$5 million loan for agricultural development in Belize
IABD
BELMOPAN, Belize, CMC – The government of this Caribbean Community (CARICOM) nation is in line to receive a US$5 million loan from the Inter-American Development Bank (IDB) to help stimulate growth in the agriculture sector.
The IDB said Thursday that the loan was approved to promote Belize’s agricultural innovation and animal and plant health protection to boost competitiveness, stimulate growth, and expand market access for its products.
“Belize has long relied on traditional commodities that benefited from trade preferences that are now waning,” an IDB statement said, noting that Sugar, citrus and bananas account for 75 per cent of total farm exports.
“Additionally, Belize’s agricultural innovation system lags behind both in staff training levels and in research and development funding. As a result, output per hectare is well below regional levels.”
In 2008, the government launched the National Export Strategy to promote increased market and product diversification, focusing on continued expansion of non-traditional products, notably tilapia, shrimp, papayas and more processed goods such as hot pepper sauce.
The IDB said it will support these efforts by providing funding for two key components. The applied agricultural production innovation component will provide matching grants of up to US$100,000 to a series of research and extension projects.
The plant, animal and food safety risk management component will provide staff training on sanitary and phytosanitary standards and other issues.
The loan is for a 25-year term, with a five-year grace period, and carries a Libor-based interest rate. The Belize government will provide US$500,000 in local counterpart funds.
Source: Caribbean Daily News
