Guyana’s minister of finance, Winston Jordan, and Dr Mansur Muhtar, vice president of Islamic Bank Operations, signed a loan agreement with the Islamic Development Bank (IsDB) in Jeddah on Wednesday, “in the process cementing Guyana’s growing relationship and the proactive use of the indicative resource envelope of about US$1 billion that the bank has offered Guyana,” Jordan said.
Jordan said that the US$20 million loan will support Guyana’s Power Utility Upgrade Programme as part of the company’s development and expansion programme for 2014 to 2021.
Guyana is in dire need of infrastructure and especially that “Guyana is on the cusp of an historic transformation with the recent discovery of over four billion barrels of oil. Those discoveries began in 2015 and, to date, have numbered nine,” Jordan said in Jeddah.
Meanwhile, opposition leader Bharrat Jagdeo has criticised the government for borrowing from the IsDB envelope. However, some are urging Guyana to use the money to fund major infrastructure projects that the country badly needs. These concessional loans and project execution are rigorously vetted and supervised. The IsDB is an AAA world renowned multilateral financial institution known for its transparency. Referencing the United Nations 2030 Agenda of Human development and Dignity, Jordan said, “Undoubtedly, the objective is ‘to leave no one behind’… a laudable objective in keeping with principles of the Islamic Development Bank.”
“It is also the cornerstone of my government’s approach to development. This is, perhaps, why we have been able to establish such a close working relationship, in such a short period,” he added.
Guyana’s agriculture industry is expected to grow and modernize with modern science and technology from member states of the Islamic Bank through a South/South agreement. Jordan said:
“We look forward to working with the IsDB on projects in several sectors, including agriculture. In this regard, I wish to express gratitude to the bank for the reverse-linkage project, which will assist in updating Guyana’s expertise and technology in rice production as well as introduce innovative rice varieties in Guyana.”
The minister expressed gratitude to the bank for two grants, one for the modernisation and upgrade of the Palms Geriatric Facility in Georgetown. The group fast-tracked this goodwill gesture because of the poor condition of the facility. Jordan and his team will continue to explore the products that the bank offers such as Sharia banking. They will also explore project cooperation with the bank in the areas of infrastructure, health, finance and tourism.
Source Caribbean News Now