More money for Gov’t; EU signs off on over $7.8B

President Donald Ramotar.

[] – While Guyana’s political Opposition has criticized the International Development Bank (IDB) for approving a loan of $32M to the Guyana government at such a critical time, the European Union (EU)on March 02 announced a it will be signing of on an amount that dwarves the $32M loan by the IDB.

The local office of the European Union (EU) in a statement announced that it will be releasing funds owed to Guyana amounting to more than $7.8B.

The allocation to Guyana is EURO 34 Million [when converted it is over G$7.8B] until 2020 and will focus on climate change adaptation, disaster reduction and sustainable infrastructure (including sea defences), building upon successful cooperation in this area in the past.

In the statement, the EU noted that the European Union’s High Representative and Vice-President Federica Mogherini and Commissioner for International Cooperation and Development Neven Mimica announced that EURO 30.5 Billion worth of EU development cooperation shall come on stream following entry into force of the 11th European Development Fund (EDF).

“The EU and its Member States remain collectively the world’s largest donor, providing more than half of global official aid. As an important part of its external action, the EDF is a cornerstone of the EU’s international cooperation and development policy that concretely implements our partnership and dialogue with African, Caribbean and Pacific (ACP) countries under the ACP-EU Cotonou Agreement,” the statement noted.

 These funds come from EU Member States and will be managed by the EU to target the people most in need and to finance different sectors such as health and education, infrastructure, environment, energy, food and nutrition.

“The promotion of good governance, democracy and the rule of law are also other key areas that are supported as is sustainable development, including sustainable agriculture and rural development. These are ways how the EU and its Member States are clearly signalling support to the future post-2015 Sustainable Development Goals so that we continue focussing all our efforts in countries where our EU aid can have the most impact. This is in line with our vision set out in the 2011 “Agenda for Change,” the release further indicated.