Press Release

Belize receives co-financing of US$6 million from OPEC Fund for poverty reduction scheme

16/2006 March 21, Vienna, Austria
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The OPEC Fund for International Development today signed a US$6 million loan agreement with Belize to help finance a multi-pronged poverty reduction scheme in the Southside area in Belize City.

Comprising the divisions of Lake Independence, Collet and Port Loyola, the Southside area is populated by some 23,000 people. Household poverty in the area is double that of the national level, a situation exacerbated by inadequate infrastructure. Flooding is frequent, as most dwellings were built on swampland and lack proper drainage. Piped-in water supplies are virtually non-existent, forcing many families to rely on public pumps or purchasing water from neighbors. The area also lacks a sewerage pipe network and roads are in urgent need of repair.

To address these issues, the project will carry out a wide range of works. Primary drainage canals will be dredged and new ones built, and a network of secondary and tertiary drains constructed. In Port Loyola, a micro-sewage disposal system will be installed, in addition to a pipe network for a future sewage disposal project. Public areas will be elevated to protect against flooding and roads upgraded. Additionally, concessional loans for building new homes will be made available for low-income families. A textbook rental scheme and school meals program will also be introduced to help parents defray education costs. Unemployment will be eased through a labor market integration program for young entrepreneurs that will offer micro-credit and training classes.

This represents the fifth loan Belize has received from the OPEC Fund, the first four of which supported projects in the transportation sector.

Today’s agreement was signed in Vienna by HE Mr. Alexander Piletsky, Ambassador of Belize to Austria, Slovenia and Croatia, and by HE Mr. Jamal Nasser Lootah, Chairman of the Governing Board of the OPEC Fund.