Caribbean Development Bank Youth and Community Transformation Project Loan Motion introduced in the House
The Caribbean Development Bank Youth and Community Transformation Project Loan Motion was also introduced at Wednesday’s sitting of the House. This is a 5 million 200 thousand dollar loan which is to be used in the fight to reduce vulnerability of children and youth to crime and gang especially in certain vulnerable areas of Belize city.
Prime Minister Dean Barrow:
Mr Speaker, this is the Caribbean Development Bank Youth and Community Transformation Project Loan Motion, 2013. Mr Speaker, I move: whereas section 3:1 of the loans Caribbean Development Bank Act Chapter 74 of the Substantive Loans of Belize provides that to subject to such conditions as may be agreed between the Government and the Bank, Government may borrow from the Bank from time to time; whereas Section 3 of the said Act further provides that no agreement in respect of sums borrowed shall be executed unless the terms and conditions thereof have been first approved by a resolution of the House of Representatives to that effect; and whereas Section 7:2 of the Finance and Audit Reform Act provides that any agreement or contract or instrument effecting such borrowing or loan to the Government, at or above the equivalent of ten million dollars Belize currency, shall only be validly entered into pursuant to a resolution of the National Assembly, authorizing the government to raise the loan or borrow the money; and whereas the Board of Directors of the Bank has recently approved a loan to the Government of Belize in the sum of five million two hundred thousand United States dollars; and whereas the purpose of the loan is to improve citizen community security in Belize; and whereas the main objective of the project is to reduce venerability of children and youth to crime and gang membership in the Collett, Lake independence, Pickstock, and Port Loyola Divisions of Belize City, and this will be achieved by providing services to enhance literacy and adaptive life-skills, support conflict mediation, and improve inter-linkages and the sharing of best practices among participating agencies working in those communities; and whereas the Bank has offered to lend to the Government the sum of US five million two hundred thousand, to finance the project on the following terms and conditions: to be repaid in 80 equal or approximately equal and consecutive quarterly installments on each due date commencing on the first due date ten years after the agreement date; interest at the rate of 2.5% per annum to be paid quarterly on the outstanding portion of the loan; the loan shall be fully dispersed by October 31st 2017 or such later date that the Bank may specify in writing; now let it therefore be resolved that the house being satisfied that thew project will significantly contribute to the Government’s efforts to reduce vulnerability of children and youth to crime and gang membership in the Collett, Lake Independence, Pickstock, and Port Loyola Divisions of Belize City, approve and confirm that the Government may enter into a loan agreement with the Caribbean Development Bank, on the terms and conditions set out above; and further that the House authorize the Minister of Finance to execute and deliver the said agreement and all other documents associated therewith. This Motion has the recommendation of the Cabinet.