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Listing Memorandum Dated March 5, 2007 Belize

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Listing Memorandum Dated March 5, 2007 Belize LISTING MEMORANDUM DATED MARCH 5, 2007 BELIZE $546,786,000 U.S. Dollar Bonds Due 2029 (the “New Bonds”) The New Bonds will be general, direct, unconditional, unsubordinated and unsecured obligations of Belize and will rank equally with all other existing and future unsubordinated and unsecured Public Debt of Belize. The New Bonds will be backed by the full faith and credit of Belize. The New Bonds will be issued pursuant to an indenture with The Bank of New York, as Trustee for the bondholders, and will be governed by the law of the State of New York. Eligible Claims (as defined below) are entitled to be exchanged for the New Bonds. An investment in the New Bonds involves a high degree of risk. See “Risk Factors” beginning on page 10 of this listing memorandum. The New Bonds have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction. The New Bonds will be offered only to qualified institutional buyers in the United States under Rule 144A of the Securities Act and to persons outside the United States under Regulation S of the Securities Act. The New Bonds will be subject to restrictions on resale under applicable law. See “Notice to Investors”. Delivery of the New Bonds will be made on or about February 20, 2007. The New Bonds will be delivered in book-entry form through the facilities of The Depository Trust Company, Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme. Belize intends to apply to admit the New Bonds to listing on the Luxembourg Stock Exchange and to trading on the Euro MTF market. TABLE OF CONTENTS Presentation of Certain Information.............................................................................................................. 1 Exchange Rates............................................................................................................................................. 2 Governing Law and Enforcement of Claims ................................................................................................ 3 Forward-Looking Statements........................................................................................................................ 4 Summary....................................................................................................................................................... 5 The New Bonds............................................................................................................................................. 7 Risk Factors ................................................................................................................................................ 10 Belize .......................................................................................................................................................... 14 Recent Developments ................................................................................................................................. 33 Domestic Economy..................................................................................................................................... 37 External Economy....................................................................................................................................... 66 Public Finance............................................................................................................................................. 79 Public Debt ................................................................................................................................................. 88 The Monetary System................................................................................................................................. 98 Terms and Conditions of the New Bonds ................................................................................................. 122 Book-Entry Settlement and Clearance...................................................................................................... 135 Listing and Listing Agent ......................................................................................................................... 139 Notice to Investors .................................................................................................................................... 140 Taxation .................................................................................................................................................... 143 Jurisdictional Restrictions......................................................................................................................... 144 Official Statements.................................................................................................................................... 146 Legal Matters ............................................................................................................................................ 146 General Information.................................................................................................................................. 147 Schedule A – Eligible Claims ...................................................................................................................A-1 i No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this listing memorandum. You must not rely on any unauthorized information or representations. This listing memorandum has been exclusively prepared to admit the New Bonds to listing on the Luxembourg Stock Exchange and to trading on the Euro MTF market. The information contained in this listing memorandum is current only as of this date. In this listing memorandum, references to the “Government” are to the Government of Belize. References to the “Exchange Agent” are to The Bank of New York, as Exchange Agent for the Offer; references to the “Trustee” are to The Bank of New York, as Trustee for the Offer; and references to the “Information Agent” are to D. F. King & Co., Inc., as Information Agent for the Offer. Belize has not authorized the making or provision of any representation or information regarding Belize or the Government or the New Bonds to you other than as contained in this listing memorandum. Any such representation or information should not be relied upon as having been authorized by the Government or any of its instrumentalities. Belize does not assume responsibility for information other than as provided in this listing memorandum. Neither the delivery of this listing memorandum nor any aspect of the Offer shall under any circumstances imply that there has been no change in the condition (financial or other) of Belize since the date of this listing memorandum. The distribution of the Offer Materials and the offering, sale and delivery of the New Bonds in certain jurisdictions is restricted by law. Belize requires that you and anyone who receives the Offer Materials inform themselves about and observe such restrictions. The Offer Materials do not constitute, and may not be used for or in connection with, any offer to, or solicitation by, anyone in any jurisdiction in which, or to or by any person to or by whom, such offer or solicitation would be unlawful, and the Offer is not being made to, and tenders will not be accepted from, owners of Eligible Claims in jurisdictions in which the Offer or acceptance thereof would constitute a violation of the securities or blue sky laws of that jurisdiction. For more information, see “Jurisdictional Restrictions” in this listing memorandum. Belize is making the Offer in reliance on exemptions from the registration requirements of the Securities Act. These exemptions apply to offers and sales of securities that do not involve a public offering. The New Bonds have not been recommended by any U.S. or non-U.S. securities authorities, and these authorities have not determined that this listing memorandum is accurate or complete. Any representation to the contrary is a criminal offense. In any European Economic Area (EEA) Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”), this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This listing memorandum has been prepared on the basis that all offers of the New Bonds will be made pursuant to an exemption under the Prospectus Directive, as implemented in member states of the EEA, from the requirement to produce a prospectus for offers of the New Bonds. Accordingly any person making or intending to make any offer within the EEA of the New Bonds which are the subject of the placement contemplated in this listing memorandum should only do so in circumstances in which no obligation arises for Belize to produce a prospectus for such offer. Belize has not authorized, nor does it authorize, the making of any offer of the New Bonds through any financial intermediary and the Offer constitutes the final placement of the New Bonds. The New Bonds will be subject to restrictions on resale under applicable law. See “Notice to Investors” in this listing memorandum. By participating in the Offer, you will be deemed to have ii represented and warranted to the effect set forth in, and agreed to, all the provisions contained in that section of this listing memorandum. You must
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