IFAD in Country

IFAD in Belize

Since 1986 IFAD has invested in two rural development projects in Belize, which were both located in the southern part of the country, where poverty is most widespread and severe, particularly among the Maya and Garifuna ethnic groups.
The projects were the Toledo Small Farmers Development Project, which closed in 1995, and the Community-Initiated Agriculture and Resource Management Project, which closed in 2005. The newly approved Rural Finance Programme is IFAD’s third operation in Belize.

In 2006, the Executive Board approved a country grant amounting to US$100,000 that focuses on:

the consolidation of experiences involving rural financial services under the Community-Initiated Agriculture and Resource Management Project
the process of decentralization by strengthening local governments and regional development coordination through the National Association of Village Councils

IFAD works closely with international partners in development in the Latin America and Caribbean region. One of the major development partners of the Government of Belize is the European Union (EU), which co-finances far-reaching programmes, including the nationwide Belize Rural Development Programme. But the Rural Development Programme does not include support for rural credit and financial services. The government has asked IFAD to design and finance a complementary initiative to provide funds for financial services, in line with the programme’s aims and with IFAD’s mandate to help rural people overcome poverty.

In response to the government’s request, IFAD has designed a rural finance programme to expand and enhance rural financial services that are inclusive and sustainable and are tailored to the needs of poor rural people. To achieve this, the programme will work towards strengthening capacity, diversifying and improving the services of the Belize Credit Union League and partner credit unions. IFAD’s Executive Board approved the Rural Finance Programme in December 2008.

Source: IFAD

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