By Belize Live News Staff: The Social Security Board (SSB) of Belize has issued a public notice outlining its intention to lend BZ$7 million to Caribbean Tire Wholesale Limited. The loan, designated for capital investment and cash flow replacement, will be disbursed over a 15-year term with a fixed annual interest rate of 6.5%, to be repaid in monthly installments.
In a move aimed at transparency and accountability, the SSB has invited members of the public to submit any concerns or objections regarding the proposed loan. Comments can be sent via email to info@socialsecurity.org.bz within 10 business days of the first notice publication.
The SSB emphasized that investment decisions are made to ensure the growth and sustainability of the Social Security Fund. By securing returns on investments, the board aims to manage risks while safeguarding the benefits owed to contributors. The funds are essential to the future financial health of Belize’s social security system, particularly as the country faces long-term obligations to its citizens.
Caribbean Tires, a major player in Belize’s tire wholesale market, is set to benefit from this loan if approved. However, the final decision will depend on the feedback and concerns raised by the public during this review period.
This proposal marks part of the SSB’s continued effort to diversify its investment portfolio, balancing the support for local businesses with the need to generate sustainable returns for the Social Security Fund. With this latest development, the public is encouraged to engage and share their perspectives on this significant financial decision.
