US$50 million Indian loan for East Bank/ East Coast road link approved

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President Donald Ramotar and Prime Minister, Narendra Modi
President Donald Ramotar and Prime Minister, Narendra Modi

[www.inewsguyana.com] – India has approved a new Line of Credit of US$50 million for the East Bank Demerara – East Coast Road Link Project, a release from Prime Minister, Narendra Modi office said today.

India has also agreed to concessional credit to supply a passenger ferry to help Guyana overcome transportation problems in the northern region.

Modi met President Donald Ramotar on the sidelines of the Pravasi Bharatiya Divas in Gandhinagar.

“President Donald Ramotar & I had a very good meeting. We discussed ways of enhancing India-Guyana co-operation,” Modi tweeted after his meeting with the Guyanese Head of State.

The Prime Minister recalled his interaction with South American leaders on the sidelines of the BRICS Summit in 2014, and said India would set up its first IT Centre of Excellence on the South American continent, in Guyana.

It was previously said that Guyana will have to utilise its current credit lines before talks on the US$50M can commence.

President Donald Ramotar, who is the Chief Guest, along with First Lady Deolatchmee Ramotar is currently in India for a six day official state visit and will attend the Pravasi Bharatiya Divas in Gandhinagar. Ramotar is expected to be presented the ‘Pravasi Bharatiya Samman’, the highest honour conferred on overseas Indians and people of Indian origin

India was one of the first countries to establish diplomatic relations with Guyana. Bank of Baroda was the first foreign bank to open its branch in Guyana, he said.

A credit line was extended by India in 2004 with the construction of the Guyana National Stadium and solar traffic lights in Georgetown, some of the projects to benefit.

 

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