Guyana inks major loan agreements with the IDB to cover health and infrastructure improvement programs.
The Inter-American Development Bank and the Guyana government have signed three major loan agreements. These loans will be used to make investments in the transport and health sectors and to help Guyana be more competitive in the world economy.
The agreement was signed by Finance Minister Dr. Ashni Singh and the IDB’s President, Ian Goldfajn.
The Bank will give US$117 million to help build roads that can withstand the effects of climate change. The extra money will be used to strengthen the health care system and improve the quality of the infrastructure.
In a few words, the Minister of Finance thanked the Bank for continuing to help Guyana.
“The IDB has been a reliable and dependable development partner to Guyana. The strength of this partnership is evidenced not least in the three agreements that we are going to sign today, making critical investments in three areas that go to the core of the development of our government’s agenda,” the Minister added.
The IDB president said the bank is pleased to be part of the country’s developmental agenda.
“Guyana is growing, and we are very lucky to be part of this growth,” Mr. Goldfajn said, noting that the projects are in priority areas.
Guyana and IDB loan agreements
In a press release, the Ministry of Finance said that the loan given to the health sector will help expand the capacity of seven hospitals in both coastal and interior communities. It will also help cover diagnostic exams and medical consultations for more people, improve medical services, and give more people access to a better public health system.
In addition, the loan agreement for infrastructure projects includes improving road service quality and utility service along the East Bank Demerara corridor.
The Finance Ministry said, “The repair of this corridor is a key part of the country’s road network in the integration corridor that connects to Brazil through Lethem and supports key value chains, such as manufacturing, food processing, construction materials, mining, forestry, and agricultural goods, such as fertilizer.”
The other loan facility aims to improve the National Quality Infrastructure’s (NQI) ability to get micro, small, and medium-sized businesses in Guyana to adopt quality standards.
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