In a landmark financial collaboration, the Caribbean Development Bank (CDB) and the Government of Canada have unveiled a comprehensive $27.53 million funding package to revolutionize Belize’s electricity infrastructure. The initiative, designated as the Power VIII Project, represents the most substantial financial arrangement ever extended by CDB to Belize Electricity Limited (BEL) and marks the first instance of non-sovereign, unsecured financing provided by the development bank.
The innovative funding structure comprises a $24.2 million loan drawn from CDB’s Ordinary Capital Resources, complemented by a $3 million grant from its Special Funds Resources. This financial backing receives additional support through Canada’s Supporting Resilient and Green Energy (SuRGE) Initiative, demonstrating international commitment to sustainable energy development in the Caribbean region.
Alexander Augustine, Portfolio Manager at CDB, emphasized the strategic importance of this venture: “The Bank is proud to support Belize’s transition to a smarter, more climate-resilient grid. This project directly aligns with our priorities for digital infrastructure, energy security, and climate resilience. BEL has demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.”
The ambitious three-year implementation plan will see the nationwide deployment of 115,000 advanced smart meters, supported by cutting-edge communication systems and data analytics capabilities. This technological overhaul will enable enhanced real-time monitoring, improved outage management, precise voltage regulation, accurate billing systems, and seamless integration of renewable energy sources, particularly solar power.
Ricardo Martin González, Canada’s Chargé d’Affaires to Belize, affirmed his nation’s commitment: “Canada is pleased to support Belize’s efforts to modernize its electricity grid through this important partnership. By contributing through the SuRGE initiative, we’re helping advance cleaner, more reliable, and climate-resilient energy infrastructure that will benefit communities across the country.”
BEL’s CEO, John Mencias, welcomed the development as a testament to the longstanding partnership between the institutions, noting that collaboration dates back to the early 1970s. The project will additionally benefit from a $330,000 SuRGE grant and $7.05 million in matching funds from BEL, creating a total investment package that signals strong confidence in Belize’s energy development trajectory.