BELMOPAN, Belize, (CMC) – The International Finance Corporation (IFC), a member of the World Bank Group, and the Government of Belize on Saturday signed a Memorandum of Understanding (MOU) aimed at developing a pipeline of investable Public-Private Partnerships (PPPs) in the Caribbean Community (Caricom) member-country.

The IFC said the MOU was concluded during a high-level mission to Belize led by World Bank Vice President for Latin America and the Caribbean, Carlos Felipe Jaramillo, and IFC Vice President for Latin America and the Caribbean, Alfonso García Mora.

The IFC said the MOU “establishes a framework to foster collaboration on PPPs, with IFC working alongside the government to review the economic and financial feasibility of proposed projects across key sectors such as energy, infrastructure, logistics, digitisation and the blue economy, with a view to attracting private sector investors.”

Additionally, the IFC said the World Bank will support the development of PPP regulation and strengthen government capacity to implement PPPs.

“PPPs are a powerful tool to drive national development. By strategically involving the private sector, we can improve infrastructure and service delivery while maximising the mobilisation of capital,” said Belize Prime Minister John Briceño. “Leveraging the World Bank Group’s experience and expertise, we reaffirm our commitment to deliver high-impact projects that benefit the Belizean people.”

García Mora said PPPs “allow governments to leverage the expertise and efficiency of the private sector, raise much-needed capital, and spur economic development.

“IFC brings global experience in structuring successful PPPs that are financially sound, sustainable, and aligned with national priorities,” he added. “We are pleased to support Belize in delivering better infrastructure and services through well-structured partnerships.”

Jaramillo said “a strong legal foundation and capacity building are key to successful PPPs.

“Through this collaboration between the World Bank and IFC, we are bringing together policy expertise and transaction experience to help Belize unlock private investment for critical infrastructure,” he added.

Through this partnership, IFC said it is expected to provide technical and advisory support to the Government of Belize on project design, financial structuring, risk allocation, and transparent procurement processes, with the goal of ensuring that PPPs are bankable for the private sector, sustainable and deliver value for money.

The IFC said the MOU builds on its flagship PPP project in the country, Belize Solar, which will help reduce electricity costs, increase renewable energy sources, and ensure a stable power supply for homes and businesses.

Since 2004, the IFC said it has advised and closed 183 PPP projects in 60 countries, contributing nearly US$67 billion in private investment in developing countries.

The IFC said PPP projects that it has helped structure and implement have benefited 174 million people in emerging markets through better access to electricity, water, sanitation, transport, and health care.