Photo: Christopher McGann, Managing Director, PPF Capital Belize Ltd.
by Kristen Ku
BELIZE CITY, Fri. Sept. 22, 2023
On Friday, September 22, the Social Security Board (SSB) held a media brunch at the Radisson Fort George Hotel to unveil a public-private partnership named Public Administration Campus Limited SPV, and to announce its forthcoming digital launch.
The new initiative is a specially designed firm to execute a cooperative venture between the Government of Belize and the Equity Investor of the Belize Social Security Board.
The ambitious project involves the construction of two new buildings beside the Eleanor Hall Building on South Chetumal Street, with the aim of establishing a consolidated public administration compound.
The move has been prompted by the need to streamline and elevate the standards of public administration, while addressing the issue of office space efficiency in the city. Each building, encompassing around 60,000 square feet, will offer approximately 50,000 square feet of usable space.
The agreement underlying this Public-Private Partnership (PPP) spans a period of 30 years until the buildings become the Government’s.
With an estimated total cost of 54 million Belize dollars, the project is anticipated to be financially backed by a mix of 25% equity or share capital and a 75% debt, primarily funded by local institutional investors.
Christopher McGann, the Managing Director for PPF Capital Belize Ltd., explained, “It’s a long-term investment which kind of matches some of the structural portfolio needs of the SSB. We expect the debt repayment to be finished in about 20 years and the PPP arrangement to be finished in 30 years, and thereafter we expect that the building will be transferred.”
In addition to this, the SSB board has approved a publishing notice regarding the intent to invest. Once the agreements are signed, the SSB will designate three directors while the government will appoint two.
Mrs. Deborah Ruiz, the Chief Executive Officer of the SSB, elaborated on the financial strength of the banking system and the SSB: “Our banking system and Social Security have an influx of cash. We are very liquid. So, we are looking for viable investments that we can put our money to best use, so that we don’t have to go back to contributors. That has been our ethos in terms of our investment portfolio,” she said.
The presentation on Friday also highlighted the digital transformation of the SSB’s service.
In the coming 10 days, a full-scale digital platform for employer transactions is set to launch, marking a shift in how employers engage with the Social Security.
The enhanced online portal will enable employers to upload statements, view account balances, and adhere to a more structured payment schedule, addressing previous issues like outstanding debt.
Moreover, the digital upgrade extends to employees, providing them with a platform to monitor their medical assistance status among other benefits.