IDB greenlights US$10mn loan to reduce Belize City flooding

- Friday, September 9, 2011

IDB greenlights US$10mn loan to reduce Belize City flooding

IDB has greenlighted a US$10mn loan to improve drainage and road infrastructure in Belize City with the aim of reducing flooding.

The Belize government is providing US$750,000 in counterpart funds for the initiative, IDB said in a release.

The five-year program will help rehabilitate and maintain 3.3km of canals, increasing their drainage capacity and reducing the frequency and duration of floods.

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The program will also involve building side drains and resurfacing streets affected by recent flooding, covering 22,700m2 of road surface.

Complementary studies on natural disaster risk assessment and the impacts of dredging in the mouth of the Belize river will provide a better understanding of factors contributing to flooding in the city, according to the release.

The 25-year loan has a five-year grace period and Libor-based interest rate.