BELMOPAN, Belize, CMC – The International Finance Corporation (IFC), a member of the World Bank Group, and the Government of Belize on Saturday signed a Memorandum of Understanding (MOU) aimed at developing a pipeline of investable Public-Private Partnerships (PPPs) in the Caribbean Community (CARICOM) member-country.
The IFC stated that the MOU was concluded during a high-level mission to Belize led by Carlos Felipe Jaramillo, World Bank Vice President for Latin America and the Caribbean, and Alfonso García Mora, IFC Vice President for Latin America and the Caribbean.
The IFC said the MOU “establishes a framework to foster collaboration on PPPs, with IFC working alongside the government to review the economic and financial feasibility of proposed projects across key sectors such as energy, infrastructure, logistics, digitization, and the blue economy, to attract private sector investors.”
Additionally, the IFC stated that the World Bank will support the development of PPP regulations and strengthen government capacity to implement PPPs.
“PPPs are a powerful tool to drive national development. By strategically involving the private sector, we can improve infrastructure and service delivery while maximizing the mobilization of capital,” said Belize Prime Minister John Briceño. “Leveraging the World Bank Group’s experience and expertise, we reaffirm our commitment to deliver high-impact projects that benefit the Belizean people.”
García Mora said PPPs “allow governments to leverage the expertise and efficiency of the private sector, raise much-needed capital, and spur economic development.
“IFC brings global experience in structuring successful PPPs that are financially sound, sustainable, and aligned with national priorities,” he added. “We are pleased to support Belize in delivering better infrastructure and services through well-structured partnerships.”
Jaramillo said, “A strong legal foundation and capacity building are key to successful PPPs.
“Through this collaboration between the World Bank and IFC, we are bringing together policy expertise and transaction experience to help Belize unlock private investment for critical infrastructure,” he added.
Through this partnership, IFC is expected to provide technical and advisory support to the Government of Belize on project design, financial structuring, risk allocation, and transparent procurement processes, ensuring that PPPs are bankable for the private sector, sustainable and deliver value for money.
The IFC stated that the MOU builds on its flagship PPP project in Belize, the Belize Solar Project, which aims to reduce electricity costs, increase the use of renewable energy sources, and ensure a stable power supply for homes and businesses.
Since 2004, the IFC has advised on and closed 183 PPP projects in 60 countries, contributing nearly US$67 billion in private investment in developing countries.
The IFC said that PPP projects it has helped structure and implement have benefited 174 million people in emerging markets through improved access to electricity, water, sanitation, transportation, and healthcare.
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