May 19, 2023
IDB Invest welcomed Belize Bank Limited (BBL) into its Trade Finance Facilitation Program (TFFP), opening a US$10 million line of credit with a term of 180 days.
The IDB Invest program will help BBL strengthen its foreign trade products for its small and medium-sized enterprise (SME) clients, adjusting its products to meet client demands. It will also help BBL meet the growing financial needs of the private sector and support key business linkages in the growing demand for goods and services. The program will expand support to existing industries and new and emerging companies to maintain productivity and job creation.
The signing ceremony took place today at the IDB Invest office in Belize, with the participation of Tomás Bermúdez, general manager of the Department of Central American Countries, Haiti, Mexico, Panama and the Dominican Republic; Rocío Medina Bolívar, representative of the IDB Group in Belize; Marisela Alvarenga, Chief of the Financial Institutions Division of IDB Invest; and Filippo Alario, CEO of BBL.
Belize Bank Limited offers a full range of retail banking products to its customers through an extensive network of branches. The credit line will support BBL as it diversifies its network of correspondent banks to offer business products to a broader range of small and medium-sized enterprises (SMEs) and clients in Belize.
The financial systems of the Caribbean and other small economies have been affected by “risk reduction” policies of international banks, and the high compliance costs of these large banks have left banks like BBL with limited access to trade finance. and the corresponding banking networks.
“This operation will contribute to the development of MSMEs, allowing them to access the necessary financing to be competitive in international markets. As we know, MSMEs are the backbone of the economy in Belize, providing employment to more than two-thirds of the workforce,” said Rocío Medina Bolivar, the newly appointed IDB Representative in Belize.
Marisela Alvarenga of IDB Invest, said: “The addition of The Belize Bank Limited to IDB Invest’s Trade Finance Facilitation Program will increase investment and trade in the country, necessary to strengthen financial systems throughout the Caribbean.”
Filippo Alario of Belize Bank Limited said: “As the largest bank in Belize, we are delighted to be part of the IDB Invest TFFP Program network as financial intermediaries for Latin America and the Caribbean. Through this partnership, we hope to promote trade and contribute to our clients’ ability to be more competitive by accessing financing and growing their international businesses, as well as contributing to the growth of the Belizean economy.”
This partnership reinforces the commitment of IDB Invest and Belize Bank Limited to create a hub of investment and trade for the nation and the region, while creating opportunities for communities. This agreement is expected to contribute to two United Nations Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8) and Reduced Inequalities (SDG 10).