– bank working with Guyana to set up development agenda
To access funds from the Islamic Development Bank (IsDB), Guyana has placed several proposals before the bank to consider, including the development of mini hydro stations and improvements to technical and vocational training programmes.
Finance Minister Winston Jordan (third from left), with several attendees at the meeting
This position was articulated by Finance Minister Winston Jordan, who was addressing attendees at the 44th meeting of the Islamic Bank group, in Morocco, over the course of last week. According to the Minister, the Government wants to use a portion of the money to develop three mini hydro power stations.
“I am pleased to say that the IsDB has commenced working with Guyana to develop an appropriate development agenda as well as a plan of action and implementation,” Jordan said. “To this end, Guyana has placed for consideration the following investment initiatives with the IsDB.”
“The development and construction of three mini-hydropower systems and road links in our vast hinterland communities, the construction of several potable water and sanitation systems,” he outlined. “A reverse linkage programme in halal ecosystems and a reverse linkage programme in technical and vocational training with emphasis on addressing the critical needs of our emerging oil and gas sector.”
The Minister explained that Government has plans for highway construction projects that will improve access to thousands of hectares of agricultural land while linking communities and markets.
In addition, he mentioned plans for marine port development to improve shipping and competitiveness and opportunities for investment programmes to support elder care initiatives.
Updates
Calling the IsDB’s support for Guyana unique in the way programmes are formulated an projects approved, Minister Jordan also provided updates on what has been coming out of this partnership.
“In 2018, three operations were approved, enabling Guyana to benefit from a grant of ID200,000 for the upgrade and modernisation of a geriatric facility; a US$20 million instalment sale operation to expand and upgrade the electricity transmission and distribution system.”
According to Jordan, this led to the improvement in the quality and reliability of the energy supply received by customers. He also spoke of the reverse linkage programme which was funded from contributions from Malaysia (US$0.3 million), the IsDB (US$0.28 million) and Guyana (a matching amount). This money was to make the rice industry more resilient, productive and competitive.
“Additionally, in 2018, we received a programming mission to begin preparation for several new projects. These operations are an appropriate response to the current challenges faced by Guyana, which are rooted in insufficient national resources and a diminishing pool of multilateral and bilateral support to provide the social and economic infrastructure necessary for giving ‘the good life’ to all Guyanese,” Jordan said.
Last year, Government had drawn down US$20 million from the sum allotted to them by the IsDB from its US$900 million resource envelope which it was allowed access to on the condition that projects are proposed.
