MIAMI (March 21, 2019) – Holland & Knight represented Belize Sugar Industries Limited (BSI) in its financing of up to $15 million from Inter-American Development Bank (IDB) Group. BSI is a leading company in Belize's sugar industry, which is one of the country's main industries. IDB is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. The deal closed on March 4.
The loan will allow BSI to increase its production and exports of higher value-added sugars, diversifying its export markets and strengthening its value chain. It will also help BSI make investments to its mill, which will help mitigate the fall in prices of raw sugar in the European Union, its main export market, by increasing its production capacity to market products that attract higher prices in the international markets than raw sugar.
Belize is the Caribbean's second largest sugar producer and represents approximately one-third of the production in the region. It is one of the main productive sectors of the country and of great importance to improve the economy of the country's rural population.
Holland & Knight Partner Norberto E. Quintana and Associate Laura Güemes Cambras represented BSI in the transaction. They were assisted by International Law Clerk Carlos Ortega.