WASHINGTON, CMC – The Inter-American Development Bank (IDB) Monday said it has approved a seven million US dollar loan to help Belize sustainably expand its blue economy.
The IDB loan has a 25-year repayment period and a 5.5-year grace period.
The Washington-based financial institution said that the program’s overall objectives are to increase the earning potential of artisanal fishers and keep fishery exports high while promoting sustainable use of the country’s commercial marine resources.
The bank said that the Belize government demonstrated its commitment to this project during a ceremonial signing held by Prime Minister John Briceño and Tomás Bermúdez, the IDB´s General Manager for Central America, Mexico, Panama, the Dominican Repúblic and Haiti.
It said the loan is designed to strengthen the government’s capacity to sustainably manage Belize’s economically crucial commercial fish species, like conch, lobster, and finfish. It will also help prompt the country’s artisanal fishers to adopt sustainable and climate-resilient technologies.
“IDB Group remains committed to supporting Belize to achieve sustainable and inclusive growth, and one of our priorities is climate action. Conservation initiatives aimed at preserving and rejuvenating marine ecosystems are integral cornerstones in our efforts to mitigate climate change and facilitate the restoration of biodiversity,” said Bermúdez.
The IDB said the fishing industry has played a significant role in Belize’s development, providing the country with jobs, food security, revenue, and foreign currency reserves. On average, fisheries and aquaculture accounted for 12 percent of total exports from 2015 to 2021.
The fishing industry directly employs over 3,000 anglers and indirectly provides livelihoods for more than 15,000 people, or around 10 percent of the country’s labor force.
“Almost 50 percent of our productive sector depends on the Blue Economy as this space is vital towards our national development and the successful implementation of Plan Belize. Fisheries has traditionally played an important role in the Belizean economy and continues to do so. As such, we need to work hand in hand with our Belizean people to manage our ocean’s resources sustainably,” said Prime Minister Briceño.
This bank said this operation is expected to improve how Belize’s fishing industry is managed by using technology and science to process information on fisheries.
“This data will, in turn, help the country design and implement science- and evidence-based policies to maintain the biological health of the country’s fisheries and the profitability of its fishing industry.
“The approved loan will also boost the quality of life of artisanal fishers through a grant program that finances business plans for implementing sustainable and resilient fishing technologies. The implementation will be done using a centralized executing scheme for project administration with the strong technical leadership of the Ministry of Blue Economy and Civil Aviation.”
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