- Road out of poverty
Road out of poverty
US$40 million to improve Belize’s transport industry
OFID recently signed a US$40 million loan agreement in support of an important road rehabilitation project in Belize. Alongside government funding, the loan will co-finance the upgrading of a 42.5km stretch of road in the Cayo District of Belize – an area heavily reliant on agriculture and tourism – making travel easier and boosting income-generation through improved access to markets and services. It is expected that the project will help reduce poverty for around 30,000 people and bring indirect benefits to some 50,000 people.
The longstanding partnership between OFID and Belize, began three decades ago with a loan to rehabilitate the Belize International Airport. Subsequent public sector commitments from OFID total more than US$131 million, of which nearly two-thirds have been directed toward enhancing the country’s transport sector.