IDB hailed as Guyana’s main financial partner

0

By Kurt Campbell

Junior Finance Minister, Juan Edghill.
Junior Finance Minister, Juan Edghill.

[www.inewsguyana.com] – Junior Finance Minister Juan Edghill has hailed the Inter-American Development Bank (IDB) as Guyana’s main external financier in developmental projects.

The Minister was at the time delivering remarks at the closing of the Modernization of the Justice Administration System project which was financed in part by the IDB on Monday, October 28.

“Today as it stands, whether it’s for infrastructural development as we would have seen with this project and others, the IDB is our main development partner,” Edghill said.

He added that the partnership is highly appreciated by the Government of Guyana. The IDB has worked with and supported Guyana financially on several projects including support for Management for Development results, sustainable energy program for Guyana and road network upgrade and expansion among others.

In the future, t is anticipated that Guyana will rely less on support from the World Bank, DFID and CIDA whose programs are being gradually reduced.

At the same time there has been an increase in foreign aid from new players such as India, China and PetroCaribe.

Additionally, new revenues from oil related production and arbor finance are also possible, but in the meantime the IDB will continue to play a major part in the country’s external financing.

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.