SSB to invest $3 million in repairs on McKoy Building

by Khaila Gentle

BELMOPAN, Mon. Aug. 15, 2022 The David L. McKoy Building in Belmopan, which houses the Social Security Board and headquarters as well as the Office of the Prime Minister, was inaugurated in June, 2021. Today, that building, an $8.2 million investment via the Social Security Investment Fund, is in need of retrofitting, and the SSB is expected to spend an additional $3 million on repairs.

Prime Minister Hon. John Briceño briefly addressed the matter during an interview with the media last week, during which he noted that the building was badly designed.

“The architect supposedly seems to have made a number of—or overlooked a number of things that should have been in the design. We could have made it political, but we did not. We decided that now we have a problem. We have the people’s money. We just can’t walk away from it. And Social Security is going to spend the extra money to be able to repair it, because we have to fix it,” he said.

During the inauguration ceremony last year, the Investment Chairman of the SSB, Reynaldo Magaña, stated that the SSB’s investment in the construction of the building was expected to be recovered in ten years at an 8.2% rate of return.

“This is a solid investment, in the investment portfolio that will generate the necessary returns to keep the fund fluid, to service short-term and long- term benefits for the people of Belize for years to come,” Magaña said.

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