Validation of the Loan Agreement and the borrowings thereunder

(1) Without prejudice to the generality of the foregoing provisions and notwithstanding anything contained in the Finance and Audit (Reform) Act, 2005, or any other law to the contrary, the following agreement and the borrowings are hereby validated and confirmed retrospectively– (a) Loan Agreement dated 18 September 2012, between the Government of Belize and ALBA Petrocaribe (Belize Energy) Limited; (b) of US$114,307,356 by the Government of Belize from APBEL during the period September 2012 to August 2014, under the aforesaid Loan Agreement; (c) Borrowing of US$28,776,243.39 by the Government of Belize from APBEL during the period September 2014 to February 2015, under the aforesaid Loan Agreement. (2) The general provisions of section 3 of this Act shall equally apply to the particular loans mentioned in this section.