Social Security Board proposes $7 million loan to Caribbean Tires

Posted: Sunday, September 29, 2024. 12:18 pm CST.

By Horace Palacio: Belize’s Social Security Board (SSB) has announced plans to issue a BZ$7 million loan to Caribbean Tire Wholesale Limited, according to a public notice released on Wednesday. The loan, intended to support the company’s capital expenditure and improve cash flow, is set to carry a 6.5% annual interest rate over a 15-year repayment period, with monthly installments.

The SSB, which manages the nation’s social security fund, has invited public comments on the proposed loan, asking citizens to submit concerns via email to info@socialsecurity.org.bz within 10 business days of the notice.

In the announcement, the SSB underscored the importance of prudent investment in the Social Security Fund to ensure sustainable growth, manage risks, and maintain long-term benefits for contributors. Investment income, the notice added, is critical for meeting future obligations and supporting the financial health of Belize’s social security system.

This loan proposal is part of the SSB’s broader strategy to diversify its investment portfolio and stimulate economic activity by supporting local businesses. The decision, however, remains open to public scrutiny as the board awaits feedback.

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