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IDB Project

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Institutional Strengthening of the Credit Union Sector Project


On July 15, 2008 Mr. Reynaldo Burgos, President of Belize Credit Union League Ltd (BCUL), signed a technical agreement with the Inter-American Development Bank (IDB) for financing from the Bank’s Multi-lateral Investment Fund (MIF) to strengthen the Belize Credit Union Sector. The resulting project, entitled Institutional Strengthening of the Credit Union Sector, which has a budget of BZ$1,646,000 commenced implementation on August 4, 2008 and will be completed by July 2011.
The project stemmed from the recognition that Credit Unions are now operating within a really competitive environment. Although this environment presents a series of opportunities, it has also created some serious challenges for which the Credit Union Sector needs to be prepared in order to continue growing and provide relevant services to its traditional clientele of low and medium income individuals. To meet these challenges, the project will improve the overall strength of the credit union system and its ability to deliver quality financial services while positioning participating credit unions as safe and sound financial institutions.
While all 13 credit unions in Belize will benefit from the project, only nine (9) qualify for direct assistance. Those credit unions that qualify for direct assistance include: Blue Creek Credit Union, Civil Service Credit Union, Evangel Credit Union, Holy Redeemer Credit Union, La Inmaculada Credit Union, St. Francis Xavier Credit Union, St. John’s Credit Union, St. Martin’s Credit Union, and Toledo Teachers’ Credit Union. In addition to the Credit Unions, both BCUL and Central Bank of Belize, that regulates Credit Unions, are participating in the project.
The Project will finance consulting and training services that will result in the following:
1. Improvement in credit unions’ governance, management and operational capabilities;
2. The adoption of financial disciplines, prudential norms and a standardized accounting classification in credit union operations;
3. Expansion of the range of financial products and services outside of the traditional savings and loans offered by credit unions; and
4. Improvement in collaboration among the credit unions through the strengthening of BCUL.

This entire initiative is ultimately aimed at expanding and enhancing the provision of financial services to underserved segments of the population throughout Belize.