WASHINGTON, Oct 14: The Kuwait Fund for Arab Economic Development (KFAED) signed two loan agreements with Belize and Saint Lucia on the sidelines of the World Bank Group meetings taking place this week in Washington, with Kuwait’s participation. In a statement, the Fund said the first agreement, which was signed on Monday, provides the Government of Belize with a loan of KWD 4 million (approximately USD 12.8 million) to contribute to financing the George Price Highway Project (Belmopan-La Democracia Section).

The agreement was signed on behalf of the Government of Belize by Deputy Minister of Finance Joseph Waight, while Acting Director General Waleed Al-Bahar signed on behalf of KFAED. The project aims to support Belize’s economic and social development by constructing a modern, climate-resilient highway that connects Belmopan to La Democracia. It forms part of the George Price Highway, a major east-west transport corridor linking Belize City with Benque Viejo del Carmen on the Guatemalan border.

The statement added that the project is part of a series of priority initiatives to upgrade the highway between Belmopan and Belize City to international standards. The improvements are expected to enhance accessibility, reduce travel time and operating costs, and boost regional trade, agriculture, and commercial activity. The project also includes components to improve road safety and create new job opportunities, contributing to several Sustainable Development Goals (SDGs), particularly Goal 3 (Good Health and Well-being), Goal 9 (Industry, Innovation and Infrastructure), Goal 11 (Sustainable Cities and Communities), and Goal 17 (Partnerships for the Goals). Completion is expected by the end of 2028.

The loan has a term of 21 years and will cover about 42.7 percent of the total project cost, with the Government of Belize funding the remainder and any additional costs. This is the seventh loan provided by the Fund to Belize. Previously, the Fund extended six loans totaling approximately KWD 18.617 million (about USD 60.67 million) for projects across various sectors, in addition to four grants and technical assistance amounting to about KWD 737,700 (about USD 2.4 million). The second agreement, signed between the Kuwait Fund and Saint Lucia, provides a loan of KWD 4 million to contribute to financing the Sir Julian R. Hunte Highway Project (Monchy-Gros Islet Section). The agreement was signed on behalf of Saint Lucia by Imran Williams, Director of Finance at the Ministry of Finance, while Waleed Al-Bahar signed on behalf of the Fund. The project aims to support Saint Lucia’s economic and social development by upgrading the road from Monchy Junction to Gros Islet Junction, the final segment of the Sir Julian R. Hunte Highway.(KUNA)