Business & Economy
Belizeans endure the impact of scheduled power outages
Over the past weeks, Belize has grappled with planned power outages, a measure Belize Electricity Limited (BEL) is taking to stabilize the national grid and meet power demands. Despite the challenges, BEL is diligently working to minimize power interruptions and enhance its self-sufficiency in electricity generation, especially after its primary provider from Mexico reduced the supply. However, these necessary actions have not been without consequences, with disruptions to daily life and the commercial sector in areas like San Pedro Town and Ambergris Caye.
Business & Economy
Belize Bank opens a branch in Caye Caulker
On Thursday, April 18th, Belize Bank Limited (BBL) marked a historic occasion as it celebrated its new branch's official inauguration in Caye Caulker. They are thrilled to become a part of the vibrant community and, as a team, are dedicated to an exceptional banking experience. The newly inaugurated branch is located on Couples Street.
Business & Economy
Market days in Central Park are ideal for local artisans
For many years, the San Pedro Artisan Market was located in Central Park, where many set up shops to display their products to tourists. In 2016, the then San Pedro Town Council (SPTC), under the administration of previous Mayor Daniel Guerrero, moved the artisans to its current location on Angel Coral Street. Unlike the old days when visitors were greeted by the artisan market, today they can find signs guiding them to walk from Barrier Reef Drive (front street) heading west until they reach the third street of downtown to the “back street.”
Business & Economy
Navigating Compliance Standards: Strategies for Caribbean Nations in Response to FATF and EU Designations Webinar concludes with key highlights and takeaways.
The Financial Services Commission (FSC) of Belize successfully concluded an insightful webinar under the heading Navigating Compliance Standards: Strategies for Caribbean Nations in Response to FATF and EU Designations focused on the challenges and implications of combating money laundering and Terrorist Financing (AML/CFT) in the Caribbean, particularly in the context of the designation by the EU and the Financial Action Task Force (FATF) of several countries in the region as high-risk jurisdictions.
Business & Economy
SIB says Belize’s economy grew by 3.2% in 2023; imports continue increasing
The Statistical Institute of Belize (SIB) reported on March 28th that the country’s economy grew by 3.2% in the fourth quarter of 2023. The report also showed an incidence of multidimensional poverty down to 10.1% in September of that same year. However, there was an increase in consumer prices and imports during the same period.
Business & Economy
Caye International Bank receives Best Offshore Bank Award in CARICOM for 2024
Pan Finance Magazine named Caye International Bank (CIB) the Best Offshore Bank in CARICOM 2024, and its Chairman, Ambassador Joel M. Nagel, was recognized with a Lifetime Achievement Award. The recognition occurred on March 27th in London, England, where other institutions were also awarded for their excellent services.
Business & Economy
Belize Accesses Funds for Climate Change Project to Strengthen Sugarcane Industry
The Ministry of Economic Development, as the National Designated Authority to the Green Climate Fund (GCF), received approval for Belize’s largest climate change project entitled, “Building the Adaptive Capacity of Sugarcane Farmers in Northern Belize”. The grant totals BZ$77,682,600, with funding of BZ$50 million from GCF and co-financing from project partners at BZ$27.6 million and BZ$30,000 from the Government of Belize.
The project was approved during the GCF 38th Board Meeting being held in Kigali, Rwanda, from March 4 to 7. Eleven project funding proposals were put to the GCF Board for approval, with Belize being the only Caribbean country to table a project.
Business & Economy
Tourist arrivals to Belize reach record high, surpassing 2019 numbers
The Belize The Belize Tourism Board (BTB) announced on Tuesday, March 5th, that the number of overnight tourist arrivals to Belize for January and February of 2024 has exceeded that of 2019. The report stated that foreign visitor arrival figures were historic, and February alone hit an all-time high for any month in the country’s tourism industry.
Business & Economy
Island women and girls benefit from Financial Literacy and Professional Development workshop
On Saturday, March 2nd, the Human Development officer in San Pedro organized a workshop for women and girls at the Hope Haven Center. The workshop provided financial literacy and professional development advice to women seeking economic independence, leadership skills, personal and professional growth, financial planning, and career advancement. The workshop ran from 9AM to 3:30PM. Diverse women and girls were in attendance, including employed women, non-employed women, entrepreneurs, and high school students who will soon graduate.
Business & Economy
SPTC and the supplies control unit warn stores against Control Price violations
The San Pedro Town Council (SPTC) advises businesses on the island about the price control regulations set by the Supplies Control Unit (SCU). The SCU operates under the Ministry of Agriculture, Food Security, and Enterprise and has ticketed several stores nationwide, including San Pedro, for violations. Therefore, consumers are encouraged to report any suspected violations to the SCU by calling 607-4686.
Business & Economy
San Pedro Liquor License Board hosts annual liquor license renewal meeting
Hundreds of business owners attended the annual Liquor Licensing Board meeting at the San Pedro Lions Den on Tuesday, January 30th , to renew their liquor licenses. For many, it was a swift routine renewal, while others were notified about specific regulations they must adhere to in order to hold a liquor license. San Pedro Liquor Board members reviewed the license applications before approval. The meeting, headed by Chairman Gerardo Reyes included the presence of the San Pedro Police Formation, Health Department, and Fire Service. Following the meetings, the liquor board said that 75% of the applications were renewed and is in the process of approving others in the coming days.
