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World Bank approves US$15mn for municipal development (Belice)
The World Bank has approved a US$15mn loan for Belize to improve water and infrastructure needs in several municipalities, the multilateral said in a release.


The municipal development project supports Belize's new decentralization policy, approved in 2009, by helping local governments address critical infrastructure needs in the areas of drainage and traffic management.


The project, which is the first lending operation in Belize in 10 years, aims to solve critical infrastructure needs and support local governments' transparency and accountability, the bank said.


The fixed-spread loan from the International Bank for Reconstruction and Development (IBRD) has a total term of 25 years, including a five-year grace period.

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