The Caribbean Development Bank (CDB) recently held its annual press conference in Barbados, where President Daniel Best unveiled ambitious plans aimed at driving regional economic growth and transformation. The theme of this year's two-day conference was "Rebirth: Innovate, Transform and Thrive for a Resilient Future," which emphasizes the bank’s goals for upliftment in the Caribbean region.
Belize stands out as a participating member country that has benefited significantly from CDB funding in prior years, particularly in the areas of infrastructure, education, and energy. During the conference, O’Reilly Lewis, the CDB’s Director of Projects, highlighted Belize's performance: "Belize has been one of our stronger performing countries in terms of implementation." This acknowledgment reflects a track record of effective project execution by Belize, making it a noteworthy recipient of development aid.
This year is no different. In February, the CDB, in collaboration with the Development Finance Corporation (DFC) and the Government of Belize, launched a robust USD 20 million Ninth Consolidated Line of Credit, aimed explicitly at fostering growth in multiple sectors, including micro, small, and medium enterprises (MSMEs), agriculture, education, energy, and low-income housing. Lewis expressed optimism about this funding, stating, "That loan would impact several layers of lives in Belize in a positive way." The funds are essential for addressing pressing needs across various communities.
Additionally, Valerie Isaac, the CDB’s Division Chief for Environmental Sustainability, shed light on another critical initiative. The bank is looking to enhance disaster resilience in Belize, building on the success of a previous project in Toledo. "We want to expand it to other communities within Belize," Isaac noted, indicating the bank’s commitment to not just funding infrastructure, but also safeguarding communities against natural disasters.
In a related development, the Ministry of Finance, Economic Development and Investment of Belize has taken significant strides toward enhancing the country’s renewable energy capacity. On March 20, 2025, the Ministry opened a tender for the development of grid-connected solar plants, marking a pivotal step in Belize’s transition to renewable energy sources.
The selected partner for the solar initiative will be required to finance, construct, operate, and maintain up to 80 megawatts (MW) of solar capacity. This project marks Belize’s first public-private partnership in the energy sector and represents a foundational shift towards achieving the government's goal of increasing renewable energy generation capacity to an ambitious 75% by 2030.
The International Finance Corporation (IFC) will serve as the lead transaction advisor for this project, helping to steer the development process towards success. The deadline for interested parties to submit applications is April 14, 2025, urging them to act swiftly to become part of this groundbreaking initiative.
For context, it is notable that Belize had installed only 7 MW of solar energy by the end of 2023, according to statistics from the International Renewable Energy Agency (IRENA). This demonstrates the vast potential for expansion in the solar energy sector, offering enormous benefits not only to the environment but also to the economy.
As the Caribbean Development Bank prepares to visit Belize in early April for a portfolio review of current projects, they plan to engage with various government ministries. Lewis mentioned the importance of these discussions, indicating, "We will be having discussions about where their priorities are and how they see us as partnering with them to help solve some of those developing challenges." This collaborative approach is vital in ensuring that the development goals are not just set but actively pursued with engagement from all levels of government.
In summary, the announcements from the Caribbean Development Bank and the Ministry of Finance, Economic Development and Investment point to a promising trajectory for Belize's economic future. With significant funding aimed at infrastructure development and transformative renewable energy projects on the horizon, Belize is poised to thrive in the coming years.
