BELMOPAN, Belize, CMC – The Belize government has launched a pilot program to support licensed artisanal fishers through loans tailored to their needs to promote sustainable fishing and more robust stewardship of the country’s rich marine environment.
The initiative is being undertaken in collaboration with the World Wildlife Fund (WWF), the Development Finance Corporation of Belize (DFC), and the Wildlife Conservation Society (WCS).
The authorities said an initial pilot would be implemented for fishers in Glover’s Reef Marine Reserve program, which is expected to be rolled out nationally as part of the upcoming Resilient Bold Belize (RBB) initiative in 2025.
“The ultimate conservation impact of the artisanal fisher loan program is to ensure compliance with fisheries laws and regulations in Belize for long-term sustainable fisheries,” the government said, noting that “most fishers in Belize have limited access to the formal financial system and sometimes resort to informal lenders for their financial needs, which reduces their economic growth possibilities.
The authorities say that the new loan program will support licensed small-scale fishers who wish to switch to more sustainable gears, invest in better motors or replacements, new boats, and other capital needs to facilitate diversification into nontraditional fisheries. The program was co-designed with fisher communities to ensure it meets their needs and realistic requirements.
“The fisheries sector is one of the critical economic drivers within Belize’s Blue Economy, and it is essential that we have facilities like this fisher loan program to provide the much-needed access to finances to improve fisherfolk livelihood activities and their continued collective contribution to our national economy, while at the same time promoting the sustainable use of Belize’s fisheries resources, said Beverly Wade, the Director Blue Bond and Finance Permanence Unit in the Office of the Prime Minister.
The WWF lead of the RBB initiative, Osmany Salas, said besides providing access to loans, the program aims to improve capacities for fishers individually and collectively and meet their needs and aspirations.
“At an individual scale, the purpose is to empower fishers to make better financial decisions, be more financially resilient, and see the connections between their business model and ocean sustainability,” said Salas.
At a collective level, the purpose is to support fisher associations in improving their current management and governance capacity to participate fully in improving fisheries management.
“This initiative exemplifies our commitment to fostering economic growth while prioritizing environmental sustainability. Together, we can empower artisanal fishers, drive business innovation, and ensure the long-term prosperity of our fisheries,” according to the DFC’s chief executive officer, Henry Anderson.
“With loan packages ranging from BZ$3,000 to BZ$150,000 (One BZS=US$0.49 cents), we are dedicated to uplifting livelihoods, strengthening stewardship for sustainable fisheries, and bolstering the fishing industry’s business landscape,” Anderson added.
Loan packages offer favorable variables, with interest rates from 8.5 to 12 percent for 12 months to seven years. DFC provides a lower rate for female fishermen, ranging from eight to 11 percent, to encourage participation.
In addition to any financial conditions, full adherence to the fisheries regulations is a requirement of the loan program. Loan recipients will also undergo training in financial management, sustainable fishing practices, and fisheries regulations to ensure environmental solid and economic stewardship.
WCS Belize Assistant Country Director – Marine, Ralna Lamb Lewis, added that supporting fishers transitioning to responsible fishing practices is the core of the loan program. While the program offers finance not traditionally available to fisherfolks, it also provides guidelines and measures to track fishing practices in order to assess the impact on fishers’ behavior while at sea.
The authorities say a program such as this benefits fishers in the short term by providing access to competitive financing while also securing their livelihoods for the long term through incentivizing behaviors of those who fish with the future in mind.
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