by Kory Leslie (Freelance Writer)
BELIZE CITY, Thurs. May 4, 2023
The National Bank of Belize (NBB) is said to be engaging in a massive undertaking which would result in thousands of new homeowners being spawned all over the country. The initiative entitled “The Belize Housing Project” is reportedly under discussion and will see the development of 10,000 middle-income homes within a five-year span, which are intended to increase the likelihood of working-class Belizeans securing houses for their families.
The project is being spearheaded by JMCC Enterprises Ltd. in partnership with the NBB and is said to be valued at $800M. Last week, during an interview with a local media house, a representative of JMCC, Cheryl Westby, mentioned that both parties signed an M.O.U. with the intent of hashing out a strategic plan for the execution of the project. The M.O.U. stipulates that a business account will be opened by the NBB for receipt of the housing fund, whereafter they will be responsible for issuing the mortgages and controlling the flow of the monthly interest payments to be collected by the benefactors of the project. These remarks were further corroborated by Sergio Barreto, Vice President of MCC Capital and Tag Corporation, a Panamanian company who is also assisting JMCC Enterprises with the execution of the project.
Cheryl Westby had shared that the loan program would have less severe qualification requirements to make it easier for lower-income workers to meet the eligibility requirements. It was also stated that the Government of Belize will also be included in the initiative, as the thirty-one elected Area Representatives will all be asked to identify suitable applicants to step forward and take advantage of the housing loans.
On Thursday, a reporter reached out to the National Bank of Belize on behalf of the Amandala Press to seek further details on the matter, but was told by a representative, Shary Medina, that there isn’t anything concrete that can be shared publicly:
“At this time, I am not privy to that information, and there are no details that can be shared with the public at this time. Once the planning has concluded we will be making that information public, but at this time I would not want to make any premature announcements until all details become available.”
Attempts were made to contact Ms. Westby for further commentary, which were unsuccessful; however, Ms. Westby referenced the building program in a Facebook post which reads:
“I’m amazed and honored at all the love and questions pouring in. Please bear with me as we are still in the process of officially launching. I’m excited and can’t wait to share updates with everyone. There will be an official website/page where we will post all information regarding each phase of the process. Thanks once again!”