Guyana could tap into US$550M as IDB approves new country strategy for 2023–2026

– Strategy heavily focused on climate change, environmental sustainability and strengthening gender and diversity

Guyana could tap into a whopping US$550 million following the Inter-American Development Bank’s (IDB) approval of its new country strategy for 2023 through 2026.
The strategy is focused on resilient infrastructure, and human capital development with an emphasis on improving health and education outcomes and social services and strengthening institutional capacity.
“With an indicative lending pipeline of US$550 million from the sovereign side of the bank, the strategy aims to continue supporting Guyana as it pursues sustainable development and inclusive growth within a diversified economy,” the IDB stated in a release.
Further, the release stated that there is an expected increase in private sector activities from IDB Invest, the private sector arm of the IDB Group in keeping with the economy’s growth trajectory and to foster access to longer-term financing for Guyana’s private sector.
“This will strengthen the development of Guyana’s private sector by deepening its links to the booming economy and improving the business climate in non-oil industries through productivity-enhancing, resilient infrastructure and a better-equipped labour force.”
However, this new strategy puts people at the centre, reflecting the government’s commitment to improving the well-being of the Guyanese population hand in hand with economic growth.
Through these areas of support, the IDB will further contribute to Guyana’s economic transformation supporting more investment and employment, and ultimately improving standards of living across the country.
“It is a unique, once-in-a-lifetime opportunity to witness Guyana’s current resource boom,” IDB’s representative in Guyana, Lorena Solorzano Salazar stated. “It gives momentum to innovative and sustainable solutions that can help improve the quality of public and social services and, ultimately, people’s lives.”
Climate change, environmental sustainability and strengthening gender and diversity are cross-cutting themes of the strategy.
“As a long-standing development partner to Guyana, at the IDB Group we remain committed to deepening our collaboration and ensuring our interventions are meaningful and impactful,” Salazar added.
The new strategy also provides support to Guyana on implementing its Low Carbon Development Strategy and meeting its decarbonization objectives.
Moreover, Guyana will leverage resources from other facilities like the IDB Group’s Amazonia
Forever Program and the forthcoming Program for the Caribbean to strengthen Guyana’s actions in areas such as regional integration, food security, and climate change among others.
The Country Strategy is the result of an inclusive process of sustained dialogue and engagement with the Government of Guyana and consultation with a wide cross-section of civil society stakeholders.
Back in October, the (IDB) approved a US$90 million loan to contribute to human capital development in Guyana. The loan approved by the IDB’s Board of Executive Directors is designed to expand access to safe and improved learning environments and enhance educational services for vulnerable students in Guyana.
This is the first individual operation of a conditional credit line for investment projects (CCLIP) valued at US$150 million.
This first project supports the foundation for transforming Guyana’s education sector by improving the quality of the service and addressing regional differences in the delivery of education in the country.