Belize’s national energy infrastructure is poised for a comprehensive technological transformation following a landmark financing agreement between Belize Electricity Limited (BEL) and the Caribbean Development Bank (CDB). The utility company has secured a $27.53 million financing package representing the largest direct loan ever extended by CDB to the company.
The financing arrangement, notable for being the first provided without a Belizean government guarantee, comprises a $27.2 million loan complemented by a $330,000 grant through Canada’s Supporting Resilient and Green Energy initiative. BEL will contribute an additional $7.05 million in counterpart funding to complete the financial structure.
At the core of this initiative is the nationwide deployment of Advanced Metering Infrastructure (AMI) featuring approximately 115,000 smart meters. This technological overhaul will enable near real-time energy monitoring capabilities, remote operational functions, and enhanced loss control mechanisms across the national grid system.
BEL Chief Executive Officer John Mencias characterized the agreement as a demonstration of institutional confidence, stating: “This represents a landmark milestone that reflects CDB’s trust in BEL’s financial stability, governance, and management practices.”
Alexander Augustine, CDB portfolio manager, emphasized the project’s significance in developing a smarter and more climate-resilient energy grid for the Caribbean nation.
The implementation phase has already commenced in key regions including Belize City, Ambergris Caye, and Placencia, with a comprehensive three-year timeline established for nationwide deployment of the smart grid technology.