Electricity expansion... Guyana secures US$40M from China

Electricity expansion… Guyana secures US$40M from China

Oct 09, 2008 News

President Bharrat Jagdeo, during his press conference yesterday, said that while in China for the World Economic Forum, he took the opportunity to meet with Premier, Wen Jiabao, and also the governor of the Import-Export Bank (Exim-Bank) of China.
He said that the Exim Bank has indicated that it would be prepared to fund feasible projects that emerge out of their discussions.
The President also spoke about the agreement that was recently signed between Guyana and the Exim Bank which would see that institution giving financial support to Guyana’s power sector.
The agreement will enable the Guyana Government to access a Chinese Government concessional loan of approximately US$40 million. These funds will finance the development and expansion of the Guyana Power and Light (GPL) transmission and distribution system.
Guyana had made an application for a loan to build a transmission power main right across the country from Parika to Berbice at a cost of about US$40M and the lenders have indicated that as soon as the final feasibility is completed, there will be an evaluation of the project.
President Jagdeo said that part of the joint commission dealt with the ferry project. “We are a little concerned that the ferry project is delayed and they agreed to accelerate that process,” the President said.
The President also met with members of Chinese Mining Company, BOSAI, which, he said, is looking to undertake a very large project in Guyana, the construction of an aluminium plant which could cost anywhere between US$600M and US$1 billion.
While in China, President Jagdeo was also given assurances that the problems with the Skeldon Sugar Factory will be rectified this month.
He met with the head of the company that is building the Skeldon factory and the man said that some of the problems are rooted in the design and instructions from the people who are supervising the project.
“I made it clear to him that that is not our concern and that he has a contract for a turn key project and that he should have indicated if there were problems anywhere along the line.”
According to President Jagdeo, the head of the company said that the contractors know what the problems are and these will be fixed this month.
He noted that the company has a turn key contract, so regardless of what happens they have to deliver a functional factory with a one year guarantee at no additional cost.

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Electricity expansion… Guyana secures US$40M from China

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