UK export agency hikes financing ceiling for Guyana to £3 billion

The United Kingdom (UK)’s official export credit agency, UK Export Finance (UKEF), has raised its financing capacity for Guyana from £2.1 billion to £3 billion.
This increase was announced by the British High Commission in Georgetown via a statement on Wednesday evening.

According to the High Commission, “This reflects the UK’s confidence in Guyana’s economic trajectory and fiscal sustainability and marks a further deepening of the bilateral relationship between our two nations.”
UKEF aids overseas buyers across the world in accessing the financial support they need to procure from the UK, unlocking the potential of the UK supply chain by making their bids more competitive.
It was noted that this financial support hike was revealed to President Dr Irfaan Ali and a team of Government officials by a delegation from UKEF and His Majesty’s Deputy Trade Commissioner (HMTC) for Latin America and the Caribbean during a meeting at State House in Georgetown earlier on Wednesday.
During this engagement, President Ali set out his priorities for UKEF collaboration over the next five years.
The High Commission added in Wednesday’s missive that, “This announcement comes at a pivotal moment, as Guyana accelerates its infrastructural development and positions itself as a key investment destination, reinforcing the UK’s role as a trusted partner in driving inclusive growth. The British High Commission looks forward to supporting sustainable growth and shared prosperity through this collaboration between the UK and Guyana.”
Only in August 2024, the Guyanese leader had met with His Majesty’s Trade Commissioner for Latin America and the Caribbean, Jonathan Knott, in Georgetown.
During that follow-up meeting at the Arthur Chung Conference Centre, discussions focused on proposals submitted by United Kingdom businesses to the Government of Guyana. Those proposals were at various stages of consideration.
Earlier this year, President Ali had indicated that he has already engaged UK Export Finance to explore financing options for the transmission upgrade that the Guyana Power and Light (GPL) Inc. is undertaking.

2nd UKEF increase in two years
The increase to £3 billion marks the second time the UK Export Finance has hiked its financial support to Guyana in two years.
Back in February 2024, the UKEF almost tripled its risk appetite for Guyana from £750 million to £2.1 billion, allowing for both the Government and the local private sector to access funding.
One year later, in February of this year, a team from the UKEF Department returned to Guyana to further explore new avenues for partnership between the two countries on investments to accelerate various national projects for economic development.
The UKEF team included the Global Head of Business Origination, Vomic Nur Shah; Regional Head, Business Origination (Americas and South Asia), George Hames; and UKEF Country Head for Guyana, Camilo Neira.
During a meeting at the time, Finance Minister Dr Ashni Singh expressed appreciation to the UK for the support provided to the Government’s development agenda in various sectors, while the visiting officials noted that Guyana is a strategic priority and that UKEF is looking forward to providing further financing for priority projects in the country.
British High Commissioner to Guyana, Jane Miller, was also present at that engagement.

Funding
During a subsequent interview with the Guyana Times in October last year, Miller pointed out that Guyana could access the UKEF financing to fund the second phase of the Linden to Lethem Road Expansion Project.
The UK Government is already partially funding the Linden-to-Mabura Hill section of this critical road project that will see an all-weather road built to Lethem, Region Nine.
The US$190 million Phase One of the project will see 121 kilometres of asphalt road being built from Linden to Mabura Hill in Region 10 (Upper Demerara-Upper Berbice).
This project is being funded through the Caribbean Development Bank (CDB) via a US$112 million loan, a grant of £50 million (US$66 million) from the United Kingdom’s Caribbean Infrastructure Partnership Fund (UKCIF), and an input of US$12 million from the Guyana Government. That was the largest grant Guyana has ever received from the British Government.
Phase Two of this project will see the all-weather road being extended to Lethem in Region Nine (Upper Takutu-Upper Essequibo). Currently, this road network is being utilised by an estimated 50,000 travellers who transport goods from the coast to the inland regions of Guyana and even into neighbouring Brazil.
Guyana and Brazil are presently exploring financing options for that section of the road that will also serve as a critical transport link for the two countries.
However, the British High Commissioner had told this newspaper that, “The [Linden to Mabura Hill] Road is making big progress… So, again, this UK Export Finance is available for using on that road, and we’ve been talking to the Government about particular businesses that could actually provide that technical support, that infrastructure support. So, yes, there are ongoing discussions.”
According to High Commissioner Miller, there are several other proposals already being considered under the UKEF mechanism.
“We have a number of proposals that we’re looking at, at the moment… We have one major investment; that’s the [Guyana Paediatric and Maternal Hospital] at Ogle, and there are many other opportunities we’re discussing at the moment, both with the private sector and with Government… Nothing else is being announced, but we have a number of them that we’re discussing at the moment,” the British diplomat had related.
Significant progress has been made at the Guyana Paediatric and Maternal Hospital at Ogle, East Coast Demerara, which is expected to revolutionise healthcare in Guyana. This marks Guyana’s first project to be fully financed by the UK’s export credit agency.
The UK-funded $31.9 billion facility is being built by VAMED Engineering and is on track for completion by the final quarter of 2025.
The 256-bed Paediatric and Maternal Hospital will be a referral centre for women and children. It will specialise in maternal, neonatal, and paediatric care with a huge imaging suite for services such as CT scans, X-rays, MRI scanning equipment, a modern laboratory, and surgical suites.