A number of regional and international financial institutions have agreed to participate in Belize's debt exchange proposal, a government statement has revealed.

According to the statement the group known as the Belize Creditor's Committee has unanimously agreed to accept a new United States dollar denominated bond in exchange for a substantial portion of the country's outstanding debt to them.

Committee Members include AIC Finance Limited, British-American Insurance Company, Caribbean Money Market Brokers Limited, First Citizens Asset Management Limited, First Global Financial Services Limited, Guardian Asset Management, Jamaica Money Market Brokers Limited and National Commercial Bank (SVG).

Other institutions in the group are RBTT Merchant Bank Limited, RBTT Trust Limited, Republic Bank Limited, Sagicor Life Inc., Trinidad & Tobago Unit Trust Corporation.

The Committee said its decision to participate in the exchange came after talks with the government and careful analysis of Belize's current financial situation and the proposed terms of the proposal.

"The Committee was focused on providing Belize with the ability to regain a sustainable financial footing while maintaining fair burden sharing among creditors and other stakeholders," said Desmond Edwards of Trinidad & Tobago Unit Trust Corporation, the committee's chairman.

"We find the terms proportional to the country's need for debt relief and commend the government for maintaining a constructive and transparent dialog with creditors throughout the process," Edwards added.