Belmopan, June 26, 2024.
Today, the Millennium Challenge Corporation (MCC) Board of Directors approved a five-year US$125 million grant investment in energy and education in Belize. MCC investments are designed to reduce poverty by including sustainable and inclusive economic growth.
In April 2024, the Government of Belize (GOB) and the U.S. Government’s Millennium Challenge Corporation (MCC) completed formal negotiations on the US$125 million grant agreement called the MCC – Belize Compact at MCC Headquarters in Washington, D.C.
The MCC is an independent U.S. government development agency working to reduce global poverty through economic growth. Created in 2004, it provides time-limited grants that pair investments in infrastructure with policy and institutional reforms to countries that meet rigorous standards for good governance, fighting corruption and respecting democratic rights.
The Belize Compact will tackle challenges in education and high electricity costs that limit sustainable and inclusive economic growth in the country.
The compact will consist of two projects – the Education Project and the Energy Project – both of which will be implemented by a new Belizean entity called the Millennium Challenge Account-Belize (MCA-Belize Authority). For transparency and accountability, GOB agreed to establish the entity as a statutory body.
The Education Project will seek to equitably increase the number of post-primary graduates with competencies relevant to current and anticipated labor market demands by transforming teaching and learning, promoting access to and progression through secondary education, and strengthening the capacity, legal and institutional framework of the Technical and Vocational Education and Training (TVET).
The Energy Project will work to decrease the cost of electricity by facilitating new power purchase agreements for lower-cost renewable energy, modernizing the grid to efficiently manage an influx of variable power generation, and supporting the Government of Belize to improve policy and regulations to support efficient use of the new lower-cost renewable energy generation.
The five-year grant agreement will be formally signed later this year, and project implementation is expected to commence in 2025.
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For more information, please contact:
Carlos Pol
Ag. Chief Executive Officer Ministry of Economic Development
carlos.pol@med.gov.bz
+501-600-5487
