On-lending by the Bank to banks and financial institutions for specified projects

(1) The Bank may on-lend to banks and financial institutions in Belize (whether or not public sector entities) funds obtained directly or indirectly from bilateral or multilateral sources for the specific purpose of on-lending to such banks and financial institutions and for further lending to ultimate borrowers to finance specified projects. (2) For the purpose of sub-section (1), the Bank may borrow funds locally or from foreign entities, or manage funds on behalf of the Government or other agencies. (3) The on-lending referred to in sub-section (1) shall be– (a) on such terms and conditions as may be agreed between the Bank and the aforementioned banks and financial institutions subject to such conditions as may be specified by the bilateral or multilateral institutions providing the funds or in any agency or funds management agreement; (b) secured by such instruments or arrangements as may be determined in each case by the Bank. (4) For the purpose of this section, “specified projects” means such projects as may from time to time be specified by the Minister by Order published in the Gazette. (5) The financial transactions authorised by this section shall be kept separate and distinct from other transactions of the Bank and the Bank shall not use its own ordinary resources to finance lending to banks and financial institutions in Belize for the purposes mentioned in this section. 30 (6) In this section, the expression “financial institution” shall have the meaning assigned to it by section 2 of the Domestic