Where the impacts of the investment may be experienced.
Location: Caracol Region
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
- Inter-American Development Bank (IADB)
Bank Risk Rating: A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower or Client: Ministry of Works, Transport and NEMO (MOWTN)
The holder of the loan, grant, or other investment.
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s): Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD): $ 18.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
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Caracol Road Reabilitation
This loan would finance the improvement of the road accessibility to Caracol archeological site, one of the most important Mayan ruins in Belize, supporting the development of sustainable tourism in the interior of Belize. The objective of the project is to promote economic development of the Caracol Region by: (i) improving the condition of the Caracol road; and (ii) contributing to the maintenance of ecosystem services associated with the road, and managing and protecting natural resources in a sustainable manner.
The stated goals of the project include improving accessibility and connectivity of the area in order to enhance the competitiveness of Belize’s tourism sector and the regional productivity. The project will facilitate access to tourist destinations and will improve monitoring security for local businesses, tourists and residents, and the enforcement of legal logging. The Government of Belize (GOB) has prioritized the progressive rehabilitation of the Caracol road, and the placement and implementation of a development plan, including the strengthening of the institutions involved.
In accordance with the guidelines of the Policy Environment and Safeguards Compliance Policy (OP-703), the proposed operation is classified as category A by the project team. This classification is based on the operation’s potential environmental and social impacts and risks, particularly those indirectly surrounding highly sensitive areas (from both cultural and natural habitats perspectives).
There is significant risk of involuntary resettlement of Indigenous Peoples or other ethnic minority communities whose identity is closely tied to their traditional territories, even if the objective of the project is to move these peoples from unhealthy or high risk areas. There will also be conversion or degradation of critical natural habitat causing minor to moderate impact on protected areas or areas of high conservation value as well as threatened species. Moderate greenhouse gas emissions are predicted.
- Inter-American Development Bank (IADB)
The total project cost would be US$18 million, financed by a loan through the bank's Ordinary Capital fund. The operation or any of its components is being co-financed by Belize.
ACCOUNTABILITY MECHANISM OF IADB
The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org
. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html
(in English) or http://www.iadb.org/es/mici/mici,1752.html
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