The TaiwanICDF signed a loan and grant agreement with the Development Finance Corporation (DFC) to finance the “Credit Program for Safeguarding the Productive Sectors and Women MSMEs” project on April 18. The project helps DFC expand its lending to micro, small and medium enterprises (MSMEs), and in particular women’s businesses, to facilitate post-COVID economic recovery and promote women’s financial inclusion. 

The TaiwanICDF co-finances this project with the Inter-American Development Bank (IDB). Prime Minister Hon. John Briceño signed the guarantee agreement on behalf of the Belizean government to provide sovereign support for the loan, and Lily Li-Wen Hsu witnessed the signing ceremony as the Ambassador of the Republic of China (Taiwan) to Belize.

Economic activities contracted sharply throughout the COVID-19 pandemic, and banks tightened their lending to control losses. As a result, cash flow-reliant MSMEs faced liquidity problems and were forced to accept lay-offs, permanent closures, and bankruptcy. Women-owned enterprises were particularly hard hit by these circumstances. Therefore, this project improves financing access for MSMEs in Belize, with a focus on promoting women’s empowerment and helping the country achieve sustainable and inclusive economic recovery. In addition to the loan, the TaiwanICDF also supports DFC’s digitalization, which will increase the access of DFC’s clients to its financial services and better serve women entrepreneurs. 

In her remarks, Ambassador Hsu reaffirmed Taiwan’s long-standing support for the well-being of all Belizeans as well as for women’s rights in the country. She also stated that “We look forward to the continued deepening of Taiwan-Belize collaboration and relations.” Prime Minister Briceño noted that supporting the development of MSMEs is an important national policy, and he expressed his appreciation for Taiwan’s strong support in promoting MSME development in Belize.  

In Belize, MSMEs account for approximately 98% of enterprises and 45% of the GDP. Of these businesses, 24% are women-owned. MSMEs are the driving force for the country’s economic development, and by facilitating their access to production-oriented financing, the TaiwanICDF and IDB generate employment and promote economic recovery in Belize.

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• Update: 2023/05/09
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