Latest update November 21st, 2024 1:00 AM
Guyana, India ink US$50m development deal
The Guyana and India Governments yesterday signed a US$50 million deal through a joint communiqué aimed at upgrading several sectors with emphasis on agriculture.
Minister of Foreign Trade and International Cooperation, Dr Henry Jeffrey, and Indian Minister of State in the Ministry of External Affairs, Anand Sharma, inked the bilateral agreement in the El Dorado Room of Le Meridien Pegasus Hotel.
Minister Sharma told the media that a joint commission yesterday was very fruitful and was aimed at improving the countries’ bilateral relations.
He noted that the Indian Government has agreed to establish several agricultural sanctuaries and is committed to facilitate training and the deployment of resources.
According to Minister Sharma, the agreement is also geared at engaging several sectors including renewable energy, oil exploration, pharmaceuticals and mining.
He added that the parties have also discussed and have agreed to energize the joint business council of the two countries.
Minister Jeffery said that the joint proposals are likely to come to fruition by 2011 and will be reviewed periodically to ensure smooth operations of the projects.
He stated that government’s intention is to reorient bilateral agreements with India towards agricultural development.
The Minister disclosed that the initial plan was to construct two sport stadiums and a communication/ technology centre.
Minister Jeffrey said that although the ICT centre will be built, the fund intended for the stadiums is now earmarked for agriculture.
In addition, the Minister said the government has managed to increase its scholarship programme from 35 to 50. India has renewed its support to Guyana in relation to technical, legal and agricultural expertise.
The Indians will also fund the development of an E-Government and an entrepreneurial centre.
Minister Jeffrey added that an initial US$25m concession credit line has now been increased to US$50m and is specific to entrepreneurial development.
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