UKEF’s £3B financing an opportunity to advance development in priority sectors – Finance Minister

…says increase a sign of confidence in Guyana’s economy

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, has lauded the United Kingdom Export Finance (UKEF) for increasing its financing capacity to Guyana from £2.1 billion to £3 billion, describing the move as a strong vote of confidence in the country’s economic resilience and growth trajectory.

The expanded financing arrangement, which was announced following a high-level meeting between President Dr Irfaan Ali and a visiting UK delegation that included representatives from UKEF and His Majesty’s Deputy Trade Commissioner for Latin America and the Caribbean, Jonathan Knott, is expected to accelerate development across several priority sectors identified by the Government of Guyana.
According to Minister Singh, the enhanced facility will bolster the country’s ability to pursue transformative projects over the next five years, particularly in infrastructure, renewable energy, health, and education. He emphasised that the initiative demonstrates the UK’s growing confidence in Guyana’s fiscal management, governance structures, and long-term development agenda.
“This substantial increase in financing is a clear signal that international partners, including the United Kingdom, have a deep and growing confidence in the Guyanese economy,” Minister Singh stated. “It provides new opportunities for us to accelerate our national development agenda, while also deepening our trade and investment partnership with the UK.”
The UKEF facility is designed to provide competitive financing for Government-led projects as well as support private sector ventures. Guyanese businesses are expected to benefit from expanded access to credit and opportunities for joint ventures with British firms, opening new pathways for technology transfer, innovation, and export growth.
Minister Singh also expressed the Government’s gratitude to the UK for its continued partnership, noting that the relationship between the two nations has grown significantly in recent years. He highlighted that the UK’s engagement through UKEF has already contributed to several successful public and private sector initiatives in Guyana.
“The UK has been a longstanding and trusted development partner. This latest commitment reaffirms the shared vision of both countries to advance sustainable development, strengthen economic ties, and improve the quality of life for all Guyanese,” he said.
In fact, 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 UK 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.
According to High Commissioner Miller, there are several other proposals already being considered under the UKEF mechanism.
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.