Guyana looks to UAE to develop diversified economy, robust infrastructure

– as President Ali meets with Abu Dhabi Fund officials

With mutual commitments to strengthen bilateral relations, the Guyana Government is looking to learn from the United Arab Emirates (UAE) in developing a diversified economy with world-class infrastructure.

This is according to President Dr Irfaan Ali, who recently visited the Abu Dhabi Fund for Development (ADFD) and pointed to the need to strengthen ties to achieve greater prosperity between the two nations.
The Guyanese Head of State was in the United Arab Emirates earlier this week to participate in the Caribbean Investment Forum (CIF2022) and the Global Business Forum LATAM.
On the sidelines of the event, he met with ADFD Director General Mohammed Saif Al Suwaidi.
President Ali and his team discussed with the ADFD side, which included senior officials, the strategic relations and future opportunities that will serve their interests.
The Guyanese President praised the UAE leadership over the country’s extraordinary development and said that the strong bilateral relations, as well as cooperation with ADFD, would enable Guyana to achieve his nation’s vision of prosperity.

“We see the UAE not only as a strategic trade and investment partner but also as a global model of sustainable development, state-of-the-art technology, infrastructure and governance. A stronger strategic partnership with Abu Dhabi Fund would greatly facilitate our own developmental ambitions.”
The Head of State further emphasised that the UAE has shown the world how to build a well-diversified economy with a robust infrastructure.
“That is exactly what we want to achieve in Guyana through our partnership with ADFD and key stakeholders in the UAE,” the Guyanese leader stated.
According to Ali, Guyana is already working closely with ADFD on infrastructural projects, including clean energy, and added that a stronger collaboration would accelerate the country’s economic transformation and climate efforts.
Meanwhile, Al Suwaidi expressed gratitude to the Guyanese President for his visit and said that it would go a long way in strengthening the ties through a more robust economic and investment cooperation.
“Abu Dhabi Fund for Development enjoys strong strategic relations with Guyana. We are already engaged in developmental work in the country. The visit of Dr Irfaan Ali reflects the eagerness on both sides to take the developmental partnership to new heights,” he noted.
The ADFD Director General also pledged ADFD’s full support for Guyana’s developmental aspirations and efforts to achieve its sustainable goals.
In fact, the ADFD is currently financing a 5.2-megawatt grid-connected solar system for Guyana’s hinterlands. The funding for the Solar PV Grid Tie Farms is through ADFD and the International Renewable Energy Agency (IRENA) as part of the sixth cycle of the IRENA/ADFD Project Facility.
According to a previous statement from the Guyana Government, the project will receive a loan of US$8 million to install the 5.2 MW grid-connected solar PV systems in the hinterland communities of Bartica, Kwakwani, Lethem, Mahdia, Port Kaituma, and Matthew’s Ridge to reduce fossil fuel consumption and increase the reliability of electricity supply. This will see the provision of 24-hour sustained electricity generation in these communities.
An estimated 34,700 people in the target areas were to benefit and around 120 direct and indirect jobs are set to be created throughout the project’s lifecycle. Though this intervention is not expected to entirely replace diesel generation in the regions, the project will allow the utilities to annually reduce their diesel fuel consumption thereby allowing cost savings and a cleaner environment.
The Hinterland Electrification Company Inc supported by the Guyana Energy Agency (GEA) submitted the project proposal to the ADFD Facility in February 2018 for consideration and was subsequently shortlisted and awarded in January 2019.
Guyana was one of only three countries selected to be awarded this funding out of a submission of 112 proposed projects to the ADFD Facility across the globe.
The Abu Dhabi Fund for Development is a leading national financial entity owned by the Abu Dhabi Government. It was established in 1971 with an aim to help developing countries strengthen their economies by providing concessionary loans for development projects as well as through long-term investments and direct contributions.
In addition to managing development grants given by the Abu Dhabi Government, ADFD has adopted a policy of supporting the national economy by driving private sector investments, financing national exports and enabling exporters to expand into global markets, thus enhancing the competitiveness of the UAE economy.