_{Photo: (L-R) Deputy Mayor Allan Pollard Jr., Mr. Ervin Perez, Mayor Bernard Wagner, Mr. Alex Nolberto and Councillor Eluide Miller}

BELIZE CITY, Thurs. Jan. 16, 2025

On January 14, 2025, the Belize City Council welcomed investors, stakeholders, and community leaders to the Public Investment Forum 2025 at the Belize Biltmore Plaza. This forum aimed to explore innovative financing options that will support the city’s efforts toward sustainable development.

Seated at the head table were Mayor Bernard Wagner; Deputy Mayor Allan Pollard, Jr.; Councillor Eluide Miller; Director of Finance Mr. Alex Nolberto; and Managing Director of Legacy Fund Limited, Mr. Ervin Perez. These key figures led discussions on alternative investment opportunities, the Council’s vision, and the benefits municipal securities offer .

_{Photo: Mayor Bernard Wagner}

Mayor Bernard Wagner emphasized the Belize City Council’s commitment to fiscal responsibility and progress. According to Mayor Wagner, under his administration, the Council has achieved significant milestones, including rehabilitating over 150 streets in 2023 and 2024, enhancing public spaces, advancing flood mitigation efforts, and kicking off the transformation of the public transportation system with the Council’s two electric buses and soon-to-be-launched electric taxis. “These investments demonstrate our focus on building a city that meets the needs of today while preparing for the challenges of tomorrow,” Mayor Wagner noted .

At the core of the forum was the introduction of municipal securities, a financing tool authorized under the Municipal Securities Act of 2023. These securities—available as short-term Municipal Papers, medium-term Municipal Notes and long-term Municipal Bonds—allow the Council to raise funds from investors to finance capital projects, while offering competitive returns to the investor .

Municipal securities provide alternatives to traditional bank loans and, as such, provide the Council with more affordable finance charges, while on the investor side, the securities provide greater return on investments than the traditional deposit rates at financial institutions. In addition, it gives the investor a tax-free investment opportunity.

The proceeds from these securities will fund major projects, including street rehabilitation, drainage improvements, park development, and green initiatives. The Belize City Council also highlighted its proven track record, having issued over $90 million in municipal securities to date, of which $60 million has been successfully retired, leaving $30 million currently outstanding—all without any defaults.

The forum included a presentation by Legacy Fund Limited, the Council’s registered securities agent, who provided detailed insights into these investment opportunities and processes.

Looking ahead, the Council announced plans to collaborate with the Government of Belize on replacing the Belcan and Swing Bridges, with the government having already secured funding for both projects. Additionally, a feasibility study for a floating boardwalk along the southern coastline is currently underway, conducted by the Dutch company Blue21. This study, funded through a grant from the Dutch government, aims to explore the viability of this innovative initiative. This project aims to address coastal erosion, enhance recreational spaces for locals and tourists visiting the city, and create economic opportunities for local entrepreneurs while providing habitats for marine life beneath its platform.

The Council also intends to expand its eMobility program, including further investments in the eRide electric buses. According to the Council’s financial analysis, since their launch in July 2024, these buses have already served nearly 80,000 passengers, generating gross revenues of close to $165,000, signaling the initiative’s sustainability and public support .

During the event, the Council emphasized that municipal securities provide an opportunity for investors to contribute directly to the development of their city and community. The forum highlighted the Belize City Council’s focus on innovative solutions and collaborative approaches to urban development, setting the stage for further discussions and growth.