Posted: Thursday September 22, 2022. 1:16 pm CST.
From Zoila Palma Gonzalez: Minister of State at the Ministry of Finance, Economic Development and Investment Christopher Coye has been invited to speak at the Green Climate Fund (GCF) Private Investment for Climate Conference in the Republic of Korea.
This high-level session was designed to bring together a group of government ministers and development organizations to discuss the importance of an enabling policy environment that allows private climate investment markets to flourish, citing specific actions.
During his presentation, Coye emphasized that Belize is synonymous with nature.
“Its natural capital, both marine and terrestrial, is intact and although Belize has one of the highest climate risk indices, we continue to do more than our fair share to protect the planet. The Government of Belize (GOB) is working diligently to change our outlook and ambitions for economic development to a more climate-conscious path of sustainable development,” the ministry said in a statement.
On the way to a resilient and export-oriented economy, the GOB has enshrined several public sector initiatives, including public sector reforms; full implementation of the Paris Agreement and the commitments on nationally determined contributions; diversification of our production sectors; strengthening the economy of the Blue Ocean; upgrade to digital infrastructure and education; expanding investment in health and social protection systems; improved crisis response and preparedness and most notably the transformation of the energy sector.
To this end, the Belize government undertook a major debt restructuring exercise that included its external trade debt. For example, a successful Blue Bond Debt-for-Marine Conservation Swap reduced Belize’s debt ratio by 25% in 2021.
While Belize is fully committed to the continued development of the public sector, it is also focused on acknowledging the critical and efficient role of the private sector in driving economic change.
With this, the GOB wants to promote capital formation and economic growth; protect investors from unfair, inappropriate or fraudulent practices; Promote the development of fair and efficient capital markets and develop public-private partnership policies to mobilize private sector capital that supports large-scale investments in infrastructure and other development projects that are aligned with government policy priorities for public benefit.
Expressing that with the right scale and partners, Belize may be able to reduce Belize’s electricity costs to fuel its transformative economic ambitions, Coye stressed that the GOB has a legislative and administrative role to play in creating a more attractive investment climate.
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