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Guyana gets US$24.8 million loan from IDB

Oct 31, 2009 News

The Inter-American Development Bank (IDB) has approved a loan to Guyana of US$24.8 million to improve roads.
The Bank, in a press release, said that the funds will support a government programme to cut travel time and costs and boost safety and accessibility in and around Georgetown.
The IDB funds will support the government’s Road Improvement and Rehabilitation Programme, which focuses on rehabilitating 30 kilometers of roads, enhancing mobility within the Georgetown metropolitan area and making nearby communities more accessible to markets and services in suburban and rural districts.
Road accidents and vehicle travel time and operation costs are expected to be reduced by an average 20 percent in the area covered by the programme, the Bank stated.
Specifically, the programme seeks to improve the East and West Canje roads and the urban arterial network in Georgetown, the access road to the Cheddi Jagan International Airport from the East Bank road and interventions between the new Cricket Stadium and residential areas of the Diamond and Grove villages.
It will also rehabilitate and repave the seven-kilometer long Sheriff Street–Mandela Road roadway in Georgetown.
The 3.5-kilometer long airport access road will also be repaved and roadside amenities will be added at key locations to enhance safety.
The credit line consists of a US$12.4 million loan from the IDB’s ordinary capital for a 30-year term, including a 5-1/2-year grace period, at a LIBOR-based variable interest rate, and a US$12.4 million credit from the IDB concessional Fund for Special Operations for a 40-year term with 40 years of grace at 0.25 per cent interest.

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