BELMOPAN, Belize, (CMC) – The European Union (EU) is granting US$2 million to support the expansion of the “Digital Innovation to Boost Economic Development in Belize” program, which is financed by the Inter-American Development Bank (IDB). This initiative is a central part of the Belize government’s comprehensive strategy to drive digital innovation and transformation across the nation. The funding aims to accelerate Belize’s efforts in fostering technological growth and enhancing economic development.
The EU said that the non-reimbursable technical cooperation will complement the existing US$10 million IDB loan program, which seeks to advance the digital transformation of firms, promoting growth and increasing efficiency within Belize’s economy.
The project, currently being implemented by the Ministry of Finance, Economic Development, Investment, Civil Aviation and Immigration, supports Micro, Small and Medium-sized Enterprises (MSMEs) in their digitalization journey.
The authorities said that direct beneficiaries include more than 250 firms, while at least 20 individuals, 50 per cent of whom are women, will receive digital skills training through boot camps.
The EU grant will support activities to stimulate private sector demand for digital transformation and digital innovation, enhance local digital capacities resulting in greater adoption of digital solutions and technologies, and support MSMEs in boosting sales, increasing the use of digital payments and fostering innovations in information processing and communication methods.
The EU said the contribution agreement with the IDB underscores a shared commitment to empowering Belize’s private sector, ensuring meaningful participation from women entrepreneurs and paving the way for a robust digital economy and a sustainable future in line with both institution’s cooperation under the Global Gateway Investment Agenda for Latin America and the Caribbean.
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