MICROCAPITAL BRIEF: Government of Belize, ICDF, IDB Seek to Create Employment, Aid Pandemic Recovery Among MSMEs, Especially Women-led Firms

The multilateral Inter-American Development Bank (IDB), Taiwan’s International Cooperation and Development Fund (ICDF) and Belize’s government recently agreed to collaborate on an effort to facilitate job creation and the growth of micro-, small and medium-sized enterprises (MSMEs) in Belize. With a focus on female entrepreneurs, the program targets MSMEs with investments to “finance productive investments including purchases of plant equipment and machinery, expansion and improvement of productive infrastructure, plant and process retrofitting to adapt to new public health requirements….” ICDF is contributing USD 5 million to the effort, which follows a commitment IDB made in 2021 to loan USD 15 million to Belize to support MSMEs in adjusting to the effects of the COVID-19 pandemic.

ICDF is the principal body overseeing Taiwan’s overseas development efforts. Established in 1997, the fund aims to promote economic development, social progress and the welfare of people around the world. As of 2021, its assets totalled TWD 20 billion (USD 680 million).

IDB is a member of the IDB Group, which also includes the Inter-American Investment Corporation, which uses the trade name IDB Invest; and the Multilateral Investment Fund, which uses the trade name IDB Lab. Headquartered in the US city of Washington, IDB Group has 48 member countries, including 26 that are located in Latin America and the Caribbean. As of 2021, its total assets amounted to USD 152 billion.

By Hasnat Aslam, Research Associate

Sources and Additional Resources

IDB press release on ICDF investment in Belize
https://www.iadb.org/en/news/government-belize-taiwan-and-idb-form-agreement-boost-jobs-and-recovery

IDB description of 2021 investment in MSMEs in Belize
https://www.iadb.org/en/project/BL-L1037

ICDF homepage
https://www.icdf.org.tw

ICDF 2021 financial statement
https://www.icdf.org.tw/wSite/ct?xItem=68602&ctNode=31575

Previous MicroCapital story on IDB
https://www.microcapital.org/microcapital-brief-idb-kicks-off-15m-program-to-promote-msmes-in-belize-with-eye-to-climate-covid-19-and-women/

IDB 2021 financials statement
https://www.iadb.org/en/idb-finance/financial-statements

Previous MicroCapital story on ICDF
https://www.microcapital.org/microcapital-brief-palau-taiwanicdf-partner-to-lend-to-msmes-provide-business-training-with-foci-on-young-entrepreneurs-women/

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