Venezuela’s claims have scared away investors – President tells IDB

[www.inewsguyana.com] – President of the Inter America Development Bank (IDB), Luis Alberto Moreno is now further aware of the details related to the impact of the Venezuela territorial claim on Guyana’s economy.

President David Granger, during a meeting with Moreno, at the Guyana Permanent Mission to the UN office in New York, formally briefed him on the situation.

According to a release from the Ministry of the Presidency, the IDB President was told that while the overall economy is being affected, the brunt of it is being felt by the five regions of the Essequibo.

“The claims have had a very negative effect over the years. It became worse in 2013 when that country expelled a vessel from our waters, and became much worse in May this year,” the President told reporters following the meeting.

“The Venezuela claims have scared away investors and we made the President of the bank aware of the impact that the aggression has had on our economic development of that huge area,” President Granger said.

While the President declined to give details of the IDB’s position on the territorial controversy, he said that they are very interested in a peaceful resolution to the matter.

Also discussed during the meeting was the Bank’s support for the development of renewable energy in Guyana.

“The bank, as you know, has responsibility for the disbursal of Norway funds and we would like to work with the bank to ensure that Guyana satisfies the requirements of those funds, and at the same time satisfy the requirements for renewable energy,” the President added.

In addition, the President said there were discussions in broad terms, regarding access to concessionary funds, given the fact that the local economy showed signs of anemia when the new administration got into office.