BELIZE – A sale of Belize’s real estate to a private company for $2.6bn (1.7bn euros) has boosted the economy and helped the Caribbean country to improve its fiscal outlook, Finance Minister Joao Lobo said on Monday.
“Belize is in a better position than at any time since 2010, which is a very positive outcome for our country,” Lobo told a news conference.
The Belize National Bank (BNB) bought its biggest assets from the Belize Commercial Real Estate Development (BCER) group in February, including Belize City Plaza, Belize Hotel and Belize Plaza Hotel, which it sold for $3.9bn.
It is the biggest commercial real estate sale in Belize history, according to BNB’s director of public affairs, Luis Pereira.
The sale was part of a wider plan to develop Belize as a regional economic powerhouse.
The BNB is planning to invest nearly $100bn in the country by 2020.
The bank has also said it plans to create over 200,000 jobs, build a $1bn power plant and invest $1.5bn in its commercial real-life assets, including hotel rooms, restaurants, and retail stores.
The commercial real property group, a subsidiary of BNB, owns about 70 per cent of the country’s commercial real assets.
The real estate group had previously said it planned to sell Belize city and commercial properties, including its Belize Beach Hotel and the Belized City Plaza Hotel.