US EXIM Bank gives Guyana US$2B for major projects

The Guyana Government and the United States Export-Import (EXIM) Bank signed a US$2B Memorandum of Understanding (MoU) to finance infrastructure, energy, telecommunications, water treatment and sanitation and agriculture projects.

It was revealed that the agreement was signed in Washington D.C on Wednesday, between the Foreign Affairs and International Cooperation Minister, Hugh Todd and the President of the EXIM Bank, Reta Jo Lewis. Witnessing the signing was President Irfaan Ali who is currently leading a high-level delegation to the country’s capital.

Ali during brief remarks, described the signing as a ‘dynamic, futuristic, strong and bold’ move in advancing the relationship of both countries.  “This signal is an open invitation to the private sector and, leadership of both countries to now move aggressively forward on a platform that is supported by the Government of Guyana and EXIM Bank,” he said.

The President pointed out that outside of oil and gas, Guyana has other distinct advantages in becoming the leader on climate change, environmental services, biodiversity services, food security and production. The Head of State also spoke of the critical infrastructural link that can unlock tremendous potential for the vast array of natural resources the country is blessed with.

He noted that with the country sharing links with northern Brazilian states and the Atlantic Ocean, Ali said a logistics and transport hub could be developed ‘second to none’ in scale. The President aalso spoke of the government’s focus on renewal energy which will see access to clean energy, and advancing sustainable and resilient development.

Ali said that as it related to the social sector- health, education, already, the government is partnering with Mount Saini Hospital to strengthen health care delivery. “This MOU that has potential to unlock all of this …infrastructure is key to this transformation and here is it that EXIM bank is proving the leadership for the US private sector and unlocking the vehicle for them to have great participation,” he stressed.

The President acknowledged the longstanding partnership shared between Guyana and the US, noting that the countries have common principles and values. Ali disclosed that the connection between the two states is not only geographical, but through its people and culture given that the largest diaspora of Guyana resides in the US.

Additionally, the US Export-Import Bank is the official export credit agency of the US federal government. Operating as a wholly-owned federal government corporation, the bank assists in financing and facilitating US exports of goods and services.