US eyeing investment opportunities in energy, agriculture & infrastructure – development bank CEO

– approximately US$200B in funding for Guyana to tap into

Head of the United States (US) Development Finance Corporation (DFC) Adam Boehler, who is in Guyana on a one-day visit, has revealed that the US is eyeing opportunities in a number of sectors, including energy, agriculture and infrastructure.

Boehler made this revelation on Tuesday evening, during a joint press conference at the Pegasus Hotel alongside US Ambassador to Guyana Sarah-Ann Lynch and Private Sector Commission (PSC) Chairman Nicholas Boyer.
Such is the goodwill for the new People’s Progressive Party (PPP) Government, that it has been revealed that the DFC could even have some US$200 billion in loans that Guyana can tap into for investments and developmental projects.
According to Boehler, the discussions with Guyana are among the best he has had in a long time. He explained that discussions will continue on which projects to invest in, but noted that discussions zeroed in on investment opportunities in energy, agriculture and infrastructure.
“Some of the topics we talked about, which I’m sure we’ll talk about with the President and Cabinet, is how do we get the cost of electricity down so that the average person pays less. We talked about investment in small- and medium-sized business, we talked about investment in agriculture and farmers. We talked about infrastructure, whether that’s a deepwater port or a bridge between Guyana and Suriname.”
“At the end of the day, one of my main goals at the DFC is to increase the number of jobs and livelihoods for persons living in Guyana… we’re looking to move to action very quickly, which is why we came. I am hopeful we will announce investments in Guyana very soon. We are going to engage with Nick and others, to identify projects we can invest in,” Boehler explained.
It was explained that Boehler’s team included representatives from the US Department of Treasury and State, the US Export/Import bank, the National Security Council and the Department of Homeland Security.
Boehler described the collaboration as unprecedented, while noting that the conclusion of the five months long drawn out elections in Guyana paved the way for it to happen. In fact, the CEO tied the conclusion of the elections to the multiple visits Guyana has seen from high-level foreign officials since President Dr Irfaan Ali was elected President.
“I’d like to call out the historic nature of having six US Government agencies, all coming together at the same time. That’s the first time it happened in the western hemisphere in decades and it speaks to our focus on Guyana,” he said.
“I think now, we have a foundation for an elevated and strengthened relationship between the United States and Guyana. And it started with the finalisation of the democratic elections here, which gave us the basis for the Administration’s commitment to private enterprise, transparency and the rule of law. That’s critical for us to invest,” Boehler added.
Guyana’s delegation meanwhile featured the PSC and its affiliate bodies, as well as the Guyana Office for Investment (GO-Invest). It is understood that the US Embassy in Guyana will serve as the focal point for further engagements with the US Government agencies.
In an interview with the media after the press conference, Boyer explained that Boehler’s visit is a means of the US activating the Framework Agreement/Memorandum of Understanding (MoU) that US Secretary of State Mike Pompeo signed with Guyana last month during his visit here.
“The US Government agencies met a private sector group including the Private Sector Commission and its members, the American Chamber of Commerce in Guyana and GO-Invest,” Boyer explained.
“This is a way that they’re activating that MoU. And I’m sure there are going to be many other ways, because the MoU is multi-dimensional. So, for now, these are the discussions with the Private Sector on financing,” he further said, adding that there is approximately US$200 billion in funding for Guyana to tap into.
Boehler’s visit comes less than a month after US Secretary of State, Mike Pompeo, touched down in Guyana for a visit. While in Guyana, Pompeo held engagements with top Guyana Government officials including President Dr Irfaan Ali.
Pompeo had also signed a Framework Agreement to strengthen cooperation in various sectors including energy and infrastructure, under the umbrella of the Growth in the Americas Initiative, with Foreign Affairs Minister Hugh Todd.
Speaking at a joint press conference with Pompeo following the signing of the Framework, President Ali had explained that this agreement will not only pave the way for the US private sector to expand their investment portfolio here but also partner with the Guyanese Private Sector.
On the other hand, Secretary Pompeo had stated that the US will do all it can to help American companies have access to investment opportunities in places such as Guyana. But at the same time, he impressed that this has to be done in a fair and transparent manner as the US is equally interested in seeing the wealth that is created from these opportunities benefit Guyanese.