Guyana is getting a massive $19.8 billion in budgetary support from the European Union (EU).

In announcing the release of the budgetary support for Guyana, the EU declared itself as that nation’s most important donor, pointing out that both sides have arrived at what the European bloc described as a “consolidated, privileged partnership” for development cooperation in the form of budgetary support.

In a statement released to the Guyanese media, the EU reported that the budget support to the country that found massive reserves of oil earlier this year, is a true partnership.

According to the EU, the funds released on December 10 are channeled through the national treasury and utilised by the Government of Guyana under agreed indicators.

“The EU and the Government of Guyana have reached a milestone in the implementation of the current budget support through the payment of GYD19.8 billion announced today. This should provide a major contribution to the inclusive and sustainable development of the country, and substantial fiscal space for the country‘s finances, in the context of an unprecedented COVID-19 crisis,” the EU said.

According to the statement, “the overall amount of the EU budget support for the Integrated Coastal management programme (2017-2021) is GYD74. 5 billion. This latest payment brings the total grant funds released since 2017 to GYD51.6 billion. This payment is made possible by the fulfillment by Guyana of a comprehensive and demanding set of requirements.” 

OVERALL OBJECTIVE OF THE PROGRAMME

The overall objective of this programme is to support climate change adaptation through an integrated coastal zone management approach, which seeks to protect the population in vulnerable, flood prone areas under sea level.

The main activities under this programme are to develop, reinforce and improve an integrated coastal zone management legal framework. This is in addition to the implementation of disaster risk management and resilience policy at regional and community levels and preventative maintenance as well as risk management of the sea defence.

Also, the programme covers the urban storm water drainage management and the consolidation of mangrove defences and monitoring of protected areas. The programme is also contributing to progress in gender equality as a targeted cross-cutting issue. Women’s increased participation in decision-making processes on climate and environmental issues has been achieved through enlarged representation on the sea and river defence board. Additionally, measures to promote girls and women in science, technology and engineering have been undertaken.