Belize will get support from the Inter-American Development Bank to improve infrastructure in several key tourism destinations, design a master plan to develop its tourism industry and build a marketing strategy to attract more visitors.
The IDB will provide a loan of as much as US$13.3 million to help Belize expand its tourism industry in an environmentally and socially responsible manner. The country’s tourism sector, which in recent years has lost market share to other countries in Central America, accounts for 22 percent of the country’s gross domestic product and employs an estimated 25 percent of the labor force.
The program will invest in the restoration and improvement of facilities in four highly-sought tourism destinations in the country: San Ignacio and surroundings in Cayo District; Ambergris Caye in Belize District; Placencia peninsula in Stann Creek District; and Belize City. Taken together, these four destinations account for about 64 percent of tourism earnings in the country.
Works in these four areas include construction and improvement of information centers and other facilities for visitors; construction to restore beaches and reduce erosion, landscaping, and restoration of the urban center. In addition, the IDB will finance the preparation of a National Tourism Master Plan for the entire sector; the development of an updated country branding strategy and a matching grant facility for micro and small businesses helping to strengthen value chains for tourism and offset the cost of complying with standards including sustainable tourism criteria. The program also seeks to support communities in promoting tourist access to the Maya and Garifuna cultures.
The loan, denominated in U.S. dollars, has a 25-year maturity and a 50-month grace period.