Libyan visit could lead to investment in Guyana

Jan 20, 2009 News

…this despite a debt of US$41M – Jagdeo

President Bharrat Jagdeo yesterday described his trip to Libya as a success in that he managed to persuade the Libyan leader, Muammar al-Gaddafi, to explore investment opportunities in Guyana despite the huge debt of US$41M owed to that country.
This debt, which has accumulated over the years, is what caused Libya to cease having any interest in Guyana.
The President said that a large delegation of Libyans will be arriving in Guyana shortly to assess investment opportunities in the country.
According to the President, he was unsuccessful in managing to have the country write off the debt owed, pointing out that he was seeking to have at least 85 per cent of that debt wiped off the books.
Jagdeo told media operatives, at a press briefing at State House yesterday, that he had to point out to Gaddafi that Guyana was obligated under the ‘Paris Club Agreement’ and the HIPC (Heavily Indebted Poor Countries) agreements to seek comparable treatment, adding that should the country fail to acquire that from other creditors, it could jeopardize the debt relief the country already has.
“So, in this case, we are forced to seek a debt write off of about 85 per cent…at a minimum.”
He reported that the Libyan argument was if they were to facilitate Guyana’s request for a debt write off, then they would have to facilitate other countries in the same position.
“For a very long time in our bilateral discussions, Libya seemed to suggest that we had to resolve the issue of the debt before they would look at Guyana in terms of future investment.”
As it relates to the choice of country, the President said, the credit crunch is significantly affecting Western countries’ ability to invest in developing countries.
He added that oil exporting countries have managed to set up sovereign wealth funds with large reserves, and are now looking for developing countries in which to invest, given that the Western countries are not ideal investment locations at present.
As it relates to the critics of his trip to the Middle East, the President said that they did not understand the dynamics of present financial flows.
He added that the trip, which was long in the making, was, as is the case with all trips overseas, “to forward our interests abroad, be it political, economic or social.”

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Libyan visit could lead to investment in Guyana

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