The National Bank of Belize Limited opened its doors to the public on September 2, 2013 offering residential mortgages to public servants, teachers and other middle-income persons at an introductory rate of 5.5%. The bank “Of the People, for the People” was supplied with an initial investment of $20 million BZ, which came from funds that were borrowed from the Petro-Caribe funds of Venezuela.
The launch was a red-carpet style event, with invited guest including the Governor General of Belize, Sir Colville Young, Prime Minister, Hon. Dean Oliver Barrow, government leaders, dignitaries, diplomats, public officers and general supporters of the most recent initiative by the Government Belize to lower commercial lending rates.
Prime Minister Barrow delivered the keynote address at the opening ceremony. He said, “I have long complained that in an international environment of all time low lending rates the inability of our commercial banks to seriously bring down the cost of money to consumers is a scandal.” He continued, “It is unacceptable that the spread between bank deposit rates and bank lending rates keeps widening in favour of the banks. In this regard, this government refuses a minute more to be the dog that only barks.”
The General Manager of the bank is Alvaro Alamina and his Deputy is Janet Arnold. Heading the Board of Directors is the Minister of Energy, Science and Technology and Public Utilities, Joy Grant. Other board members include Deputy Financial Secretary Marion Palacio, Former President of the National Trade Union Congress of Belize Dylan Reneau, Barbara Hall, Elodio Aragon and Dr. Carla Barnett as directors.
The National Bank of Belize is located on the Hummingbird Highway in Belmopan City, at the premises of the former Small Farmers Business Bank.
Photos courtesy channel5belize.com