The Barbados-based Caribbean Development Bank (CDB) says it is providing a loan and grant financial package to Belize for a project being implemented by the Belize Electricity Limited (BEL).
It said together with the government of Canada, the innovative US$27.53 million loan and grant package will support the modernisation of the country’s grid through the Power VIII Project, which is an Advanced Metering Infrastructure (AMI) and Grid Modernisation Programme.
The CDB said that this is the largest financing it has extended to BEL to date and the first provided on an unsecured, non-sovereign-guaranteed basis.
The CDB’s financing is comprised of a US$24.2 million loan from CDB’s Ordinary Capital Resources, as well as a three million US dollar grant from its Special Funds Resources under the government of Canada’s Supporting, Resilent and Green Energy (SuRGE) Initiative. CDB’s support for the initiative underscores its commitment to advancing a clean, resilient, and gender inclusive energy future for the region.
‘The bank is proud to support Belize’s transition to a smarter, more climate-resilient grid. The Power VIII Project directly aligns with our priorities for digital infrastructure, energy security, and climate resilience,’ said CDB portfolio manager, Alexander Augustine, who highlighted the importance of the project for the CDB.
‘BEL has always been a fundamentally solid company with a robust capital base, and has, over the years, demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.’
The initiative will improve real-time monitoring, outage response, voltage control, billing accuracy, and solar integration, while reducing losses and the environmental footprint. The project also includes feasibility studies for key transmission upgrades to strengthen grid resilience and future expansion.
‘Canada is pleased to support Belize’s efforts to modernize its electricity grid through this important partnership with the Caribbean Development Bank and Belize Electricity Limited,’ said Canada’s Chargé Affairs to Belize, Ricardo Martin González.
‘By contributing through the SuRGE initiative, Canada is helping advance cleaner, more reliable, and climate-resilient energy infrastructure that will benefit communities across the country. This milestone reflects our shared commitment to sustainable development, innovation, and a more inclusive energy future for Belize,’ González added.
BEL’s chief executive officer, John Mencias, welcomed the milestone, adding, ‘this significant achievement reflects both CDB’s confidence in BEL and the strength of the partnership we have built over many years of collaboration going back to the early 1970’s.
‘It represents a landmark milestone for both our institutions that signals CDB’s trust in BEL’s financial stability, governance and management, and strategic direction, and, by extension, is a strong endorsement of Belize’s broader energy development trajectory.’
The Power VIII Project, now underway, will roll out over three years, deploying 115,000 smart meters nationwide supported by advanced communications and analytics. In addition to CDB financing the project will receive a US$330,000 SuRGE grant, and US$7.05 million in counterpart funding from BEL.