BRIDGETOWN, Barbados (CMC) — The Barbados-based Caribbean Development Bank (CDB) says it will provide US$200.5 million to Belize to finance its 2016-2020 strategy plan.

It said that the strategy will help the country address some of the social, environmental and economic challenges it faces.

“CDB remains a committed partner in helping Belize achieve sustained growth and development. This strategy will bolster the government of Belize’s ongoing reform efforts by supporting interventions that will support inclusive social and economic development, environmental sustainability, and the promotion of good governance,” said CDB’s director of economics, Dr Justin Ram.

The regional bank said that the strategy aims to drive five development outcomes including increasing competitiveness and productivity; improved quality and access to education and training; improved social sector outcomes; enhanced environmental management and reduced vulnerability to natural disasters; and improved governance and development planning.

Gender equality, regional cooperation and integration, as well as energy security and citizen security, will be key features of CDB’s interventions delivered through the strategy programme.

The CDB said that the US$200.5 million package includes US$126.5 million in loan resources and US$74 million in grant funds, including resources to support necessary reforms to unlock Belize’s growth potential.

“The approved country strategy is aligned with CDB’s strategic objectives of promoting broad-based economic growth and social development, and promoting good governance. It builds on policy dialogue with key policymakers and stakeholders, and complements the government of Belize’s 2016-2019 Growth and Sustainable Development Strategy and the work of other development partners in Belize,” the CDB said.