Finance Minister urges French bank to explore investment opportunities in Guyana

– discusses possible partnerships with private sector during meeting

Officials from the French Development Agency (AFD) currently in Guyana, on Wednesday, had discussions with Senior Minister in the Office of the Presidency with responsibility for Finance, Dr Ashni Singh, where opportunities for partnerships were explored.
In a statement from the Finance Ministry, it was explained that the Southern Regional Head of Proparco (the private arm of AFD), Julien Vanhooydonck and the Project Manager (Suriname-Guyana), of the AFD, Julie Grunner, met with the Finance Minister at his Main Street office.
According to the statement, Dr Singh invited Proparco’s officials during the discussions to continue to explore Guyana’s financial landscape and examine ways in which they can forge possible partnerships with the various private sector institutions and contribute to the country’s current economic development.
Proparco is a subsidiary of the AFD Group that provides funding and support to private sector development, and its action focuses on key development sectors including infrastructure – mainly for renewable energies, agribusiness, financial institutions, health, and education, all with the aim to strengthen the contribution of private players to the achievement of the United Nations (UN) Sustainable Development Goals (SDGs).

AFD is a French public development bank that commits financing and technical assistance to projects in various sectors including energy, healthcare, biodiversity, digital technology, and professional training, among others. Its stated goals are to assist countries with transitioning towards a safer, more equitable, and more sustainable world.
It was only in June 2023 that a French trade mission mostly comprising of Small and Medium Enterprises from French Guiana and the French Caribbean; with business representatives, visited Guyana to explore opportunities in a variety of sectors including finance, maritime transport, and energy, in Guyana.
The trade mission was led by the President of the Collectivité territoriale de Guyane, the executive entity of the French Guiana region, Gabriel Serville, and the French Ambassador to Suriname and Guyana, Nicolas de Lacoste. The visit was also co-organised by the Chamber of Commerce of French Guiana and the French Embassy in Suriname and Guyana.
Guyana and France have been taking steps in recent times to strengthen their bilateral relationship. In April 2023, a delegation of French Senators had visited the country, where they met with President Dr Irfaan Ali. The French delegation was led by Joslle Garriaud-Maylam and featured Cattherine Dumas, Phillipe Falliot, Andre Vallini and Nicole Duranton. During the meeting, the Guyanese Head of State had described France as a “key partner” for the country’s future development.

The French Senators’ visit to Guyana forms part of that country’s mission “to assess the new strategic balance in South America”, according to information from the French Embassy to Guyana.
The visit also contributed to materialising France’s new commitment to Guyana and the Guiana Shield region as a whole. During the visit, the French delegation reaffirmed its commitment to strengthening cooperation with Guyana.
As the two countries seek to deepen their ties, a local office of the French Embassy is set to be opened on September 1. Currently, the Embassy of France to Guyana and Suriname is located in Paramaribo, with the ambassador being stationed in the neighbouring Dutch-speaking country.
There are roughly 50 French persons residing in Guyana but the size of the Guyanese diaspora in France is not immediately known. The two countries established formal diplomatic relations on June 22, 1967.