MOU signed to finance infrastructure, energy, telecommunications, water treatment and sanitation and agriculture projects

The government of Guyana has secured a US$2-billion credit line from the United States Export-Import (EXIM) Bank.

The parties have signed a memorandum of understanding (MOU) to facilitate greater investment in the South American/Caribbean country.

Guyana President Irfaan Ali is currently leading a delegation to the United States where the MOU was signed yesterday between Minister Hugh Todd and President of the Bank, Reta Jo Lewis in Washington DC.

The agreement will facilitate financing in finance infrastructure, energy, telecommunications, water treatment and sanitation and agriculture projects.

During brief remarks, Ali, who witnessed the proceedings, described the signing as a “dynamic, futuristic, strong and bold” move in advancing the relationship of both countries.

“This MOU that has potential to unlock all of this… infrastructure is key to this transformation and here is it that EXIM bank is proving the leadership for the US private sector and unlocking the vehicle for them to have great participation,” Ali affirmed.

In addition, the president cited that the MOU was an open invitation to the private sector and leadership of both countries to now move aggressively forward on a platform that is supported by the Government of Guyana and EXIM Bank.

Guyana has distinct advantages

Outside of oil and gas, Ali articulated that Guyana has other distinct advantages in becoming the leader on climate change, environmental services, biodiversity services, food security and production.

The Guyanese president spoke of the critical infrastructural link that can unlock tremendous potential for the vast array of natural resources the country is blessed with, noting that a logistics and transport hub could be developed ‘second to none’ in scale.

Ali declared that his government is focused on renewal energy which will see access to clean energy, and advancing sustainable and resilient development.

Ali acknowledged the longstanding partnership shared between Guyana and the US, emphasising that both countries have common principles and values.

He highlighted the connection between the two countries is not only geographical but through its people and culture given that the largest diaspora of Guyana resides in the US.

The US Export-Import Bank is the official export credit agency of the US federal government.

Operating as a wholly-owned federal government corporation, the bank assists in financing and facilitating US exports of goods and services.