Belize Government Succeeds in Securing Lower Interest Rate on BZ$36m Award

21 Mar 2018

The Attorney General of Belize has succeeded before the CCJ in his application to reduce the interest rate contained in a certificate issued by the Court. The certificate was made following an arbitral award made against the Government. A rate of interest of 17% compounded monthly was initially awarded in the 2013 arbitration award of BZ$36m made by a tribunal of the London Court of International Arbitration against Belize in favour of the Belize Bank. In November 2017, the CCJ gave permission for the Bank to have the arbitration award enforced as if it were a judgment.