40 million dollars more for DFC Print E-mail
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Thursday, 01 February 2018 00:00

The Caribbean Development Bank (CDB) has given the Development Finance Corporation (DFC) 40 million dollars more to conduct its work for the benefit of Belize. It’s the 8th line of credit that the DFC has been granted since the organization was restructured in 2008 to move on from the scandals of reckless lending done under the last PUP administration.

As Belize’s only development bank, it conducts business to provide support to strengthen and expand Belize’s funding. It does this by providing developmental financing on an economically stable and environmentally acceptable basis.

This money will assist the DFC to provide finance in priority sectors such as tourism, services, manufacturing, fishing, agriculture, the residential sector, and student loans. They will also be able to assist in the area of entrepreneurship to help develop micro-sector enterprises and small businesses.

The DFC already knows how this money will be used. 25 million dollars will be used in the productive sector. 5 million will be used for their residential sector portfolio. 8 million will go to their student loan scheme, and 2 million will go to their new initiative called renewable energy and energy efficiency.

The CDB held an official launch where several top-level managers spoke on this 8th line of credit. Natalie Ewing-Goff, the general manager of DFC, made sure to publicly thank the CDB for its trust.

Ewing Goff said, “This 40-million dollar line of credit that we launch today is the single largest loan approved to the DFC, in its 55 year history, almost doubling the 21 million dollars that was approved under the 7th Consolidated Line of Credit, 3 years ago. GOB’s confidence in the DFC is also evident today, as the Government provided a sovereign guarantee for the entire sum. In fact, GOB has provided the sovereign guarantee, as required for all loans approved to this DFC by CDB and other financial institutions.”

The General Manager made sure to note that the Government will not be made responsible for this loan, so that the Government will never be called on to step in and bail the DFC out.

Speaking with the press, Dennis Jones, the Chairman of DFC said that the DFC continues to provide loans in the residential sector that is competitive and more attractive than what low-income families would be able to access in the commercial banks.

The DFC appreciates very well that homeownership is one of the biggest investments that Belizeans will make in their lifetimes. They want to look at ways for potential homeowners to incorporate building practices to future-proof their houses. They want borrowers who come to them for financing to consider climate change and energy efficiency. For residents along the coast of Belize, the DFC wants to help them build homes that can withstand higher tides, stronger winds that comes from natural disasters like hurricanes.

Last Updated on Thursday, 01 February 2018 12:32