Belize Secures $64M in World Bank Funding for Blue Economy Development – Love FM Belize News & Music Power

Belize has been granted access to just over 64 million Belize dollars to further its initiatives in the blue economy. The funding will come through multiple agencies which have all been approved by the World Bank’s Board of Executive Directors.  According to a release from the World Bank, the project, ‘Belize Blue Cities and Beyond’ will look at improving the management of coastal and marine resources, increasing safe water supply, and reducing land-based pollution in targeted urban areas.  The basis of the approval includes the environmental and economic pressures that Belize faces as a small island developing state, including the deterioration of the renowned Barrier Reef which has declined in health due to overfishing and loss of habitats.  Consideration was also given to the country’s coastal areas that are facing challenges due to urban development.  Love News understands that it is through strategic policy and infrastructural interventions that the challenges will be addressed under the project.  These are expected to include the development of comprehensive water quality control strategies, a national sanitation master plan, and sustainable fisheries and other blue asset monitoring policies; the development of proposals for future critical urban investments that would promote sustainable coastal and blue economy development in areas like Belize City, Ambergris Caye, and Punta Gorda. Chief Executive Officer of the Ministry of Blue Economy Kennedy Carillo spoke briefly about the funding and how it will contribute to the government’s efforts to protect and preserve its blue space.

Kennedy Carrillo, CEO, Ministry of Disaster Risk Management: “There are a number of projects that the government is benefiting from as it relates to not only the blue bonds but presently you may have seen there is a $36.4 million US project which looks at blue cities, which is going to identify different aspects of blue economy, not only at the fisheries level but also at coastal zone. It will also look at wastewater treatments for northern San Pedro in addition to other projects that often fall under what we call the Blue Cities project.”

 Additionally, the project is to see the development of a carbon market initiative that would then establish regulatory mechanisms and digital infrastructure for carbon transactions. The aim is to have the country develop high-quality carbon credits that can be marketed internationally and unlock sustainable financing mechanisms for the blue economy.  The over 60 million dollars are coming from World Bank’s International Development Association, along with grants from the Global Environment Facility, the PROBLUE multi-donor Trust Fund, and the Global Facility for Disaster Reduction and Recovery.

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