Belize

Belize has made progress on implementing the PPP framework established by its PPP policy in 2021.¹ The PPP Unit within the Ministry of Finance now has dedicated staff and a public-facing presence, and has received PPP-specific capacity building. The policy assigns responsibilities across the PPP Unit, PPP Steering Committee and contracting authorities, with provisions for interagency coordination and competitive procurement. It also sets out a staged process for identifying, appraising and approving potential PPPs, although detailed methodologies for project assessment remain limited.

Belize remains an early-stage PPP market, with no projects reaching financial close during 2016-25. However, a growing set of potential PPP initiatives has emerged, including a solar generation project, rehabilitation and maintenance of the George Price Highway, and development of Ambergris Caye Airport.² The solar project has advanced into transaction preparation, with International Finance Corporation (IFC) appointed as adviser to support the competitive selection of a private partner.³ The government has also engaged international development institutions to support project preparation and expand the pipeline across infrastructure sectors.⁴ These developments indicate increasing project-development activity under the PPP framework, although prospective projects have yet to translate into completed transactions.

Political support for PPPs remains evident in Belize. The administration has continued to promote PPPs as a means of mobilizing private investment for infrastructure and public services, reaffirming this commitment in 2025 through an agreement with IFC.⁵ The government's 2022-26 development strategy also identifies opportunities to use PPPs in support of sectoral development priorities.⁶ The opposition United Democratic Party also pursued PPP initiatives while in government, with more recent statements indicating continued openness to private-sector participation.^7,8 This provides a degree of political continuity as Belize advances its PPP pipeline.

Belize performs best in the regulations and institutions category, scoring 81.6 compared with the regional average of 70.8. Its core regulatory environment is particularly strong, with clear institutional responsibilities, competitive procurement requirements and sustained political support for PPPs. The PPP Unit has also developed greater institutional capacity since the previous edition. Elsewhere in the category, Belize performs relatively well on transparency around contract changes and the publication of bidding information.

Belize remains below the regional average across the other four categories. Project preparation and sustainability is constrained by limited methodological guidance for economic assessments and the absence of dedicated project-preparation support. Financing remains a particular challenge, reflecting both limited PPP transaction experience and broader constraints on access to capital. Risk management and contract monitoring also lags, with gaps in risk allocation and public reporting on PPP implementation and performance, while arrangements for ex-post evaluation remain largely untested given Belize's limited PPP track record.

Belize recorded the fourth-largest overall score increase in the region, driven by progress in regulations and institutions, where its score rose from 67.0 to 81.6. This primarily reflects the strengthening of the PPP Unit, which now has dedicated staff, a public-facing presence and greater PPP-specific capacity. More broadly, the emergence of a pipeline of potential projects suggests that Belize is beginning to translate the framework established in 2021 into project-development activity, supported by engagement with international development institutions.