More details on the National Bank of Belize

vlcsnap-2013-09-03-07h38m27s36The National Bank of Belize opened its doors to the public on Monday. We brought you the inauguration ceremony that was held at its first branch in the Capital City of Belmopan. Today though, we pander to some housekeeping, on the conception and policies tendered by the state-owned financing institution. In the consultation stage, the Board of Directors sought foreign advice from GBRW Consulting to assist with the construction of the business plan. The bank is starting with 20 million dollars in capital, that equity was sourced from the Petrocaribe Loan Funds at a financing charge of 1%. PlusNews has been informed that the Board is projecting a profit which will be directly reinvested into the operation by its third year. In fact, in the long term, the bank intends to encourage the public to use their residential investments as productive assets, for instance, converting rooftops into solar producing electricity stations. The commercial bank will give preference to public officers, teachers and low and middle income Belizeans, and in the beginning is operating solely with mortgage financing at a 5.5% interest rate. Loans will be granted at a maximum of one hundred thousand dollars and there will be no refinancing of existing loans held with other institutions. The Bank, which is licensed by the Central Bank, intends to eventually offer all inclusive banking services.  

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