Private Sector to profit from additional Japanese grant aid

By Kurt Campbell

[www.inewsguyana.com] – The Guyana Government on Monday (March 3) received an additional grant aid of US$2.9M [300M Yen] from the Government of Japan, which will be used to allow borrowing by the local private sector.

This type of acquisition of funding and lending has been ongoing since 1987 and according to Guyana’s Foreign Affairs Minister Carolyn Rodrigues – Birkett who signed the agreement on behalf of the Government this continued assistance by the Government of Japan is another demonstration of its support for Guyana.

Rodrigues – Birkett explained that the money will be available for borrowing by the private sector and will be repaid with stipulated time frames, interest rates and agreed list of items to be bought [not necessarily from Japan] after which it will be used for national development projects. 

The money is expected to be used for purchasing of civil engineering equipment and electric machinery.

The Minister expressed the hope that there will be increased trade from Guyana to Japan as she compared the already booming trade from Japan to Guyana; adding that almost 90% of the vehicles on Guyana’s roadways are from Japan.

She also reminded of the already existing manifestation of Japan’s support to Guyana with its investment in the New Amsterdam Hospital, the Corriverton Water Supply Project, Scholarships and works on several water conservancies.

Meanwhile, Japan’s Ambassador to Guyana Yoshimasa Tezuka reiterated Japan’s support for the promotion of Guyana’s economy and social development.

He said the Government of Japan welcomes further opportunities to work with Guyana with the view of strengthening the bonds of friendship and mutual understanding with exist between the two countries.

He added that the Government of Japan has a keen interest in the prosperity of Guyana and the Caribbean by extension and as such there has been much focus on investment.

Ambassador Tezuka reminded of the ongoing celebrations this year to mark two decades since the First Japan/CARICOM consultations in 1993 – Japan/CARICOM friendship year 2014.

2014 commemorates 50 years of established diplomatic relations between Japan and Jamaica and Trinidad and Tobago.