Belize Concludes Consultations with UNCTAD and ECLAC to Strengthen Sustainable Development Financing
Consultations Concluded
The Belize government has concluded a week of consultations with the United Nations Trade and Development (UNCTAD) and the Economic Commission for Latin America and the Caribbean (ECLAC) to strengthen the country’s access to sustainable development financing.
Discussions Focused on Securing Affordable Funding
A government statement said that Ambassador Amalia Mai, the chief executive officer in the Ministry of Foreign Affairs and Foreign Trade, met with the delegation to formally close the discussions, which focused on securing affordable external funding, improving debt sustainability, and expanding climate finance through UNCTAD’s Sustainable Development Finance Assessment (SDFA) framework.
Belize’s Innovative Financial Solutions
Belize, a leader in innovative financial solutions, has already demonstrated success through its Blue Bonds initiative, which reduced debt while protecting marine ecosystems. The meetings explored leveraging tools like green bonds and debt-for-climate swaps to meet Belize’s US$1.65 billion in climate finance needs.
Commitment to Supporting Belize’s Efforts
“With increasing climate threats, including hurricanes and coastal erosion, securing long-term funding remains a priority. UNCTAD and ECLAC reaffirmed their commitment to supporting Belize’s efforts to build financial resilience and drive sustainable growth,” the statement said.
Conclusion
The consultations with UNCTAD and ECLAC mark an important step in Belize’s efforts to strengthen its access to sustainable development financing. By leveraging innovative financial solutions and international partnerships, Belize can build financial resilience and drive sustainable growth.
FAQs
* What were the main discussions during the consultations?
+ The consultations focused on securing affordable external funding, improving debt sustainability, and expanding climate finance through UNCTAD’s Sustainable Development Finance Assessment (SDFA) framework.
* What is Belize’s Blue Bonds initiative?
+ Belize’s Blue Bonds initiative is a program that has demonstrated success in reducing debt while protecting marine ecosystems.
* What is the goal of the consultations with UNCTAD and ECLAC?
+ The goal of the consultations is to strengthen Belize’s access to sustainable development financing and build financial resilience in the face of climate threats.