Latest update November 29th, 2024 1:00 AM
Guyana gets $1.2B grant from China
Minister of Finance, Dr. Ashni Singh, and Chinese Ambassador to Guyana, Zhang Jungao, sign the economic and technical cooperation agreement that will see Guyana benefitting from a $1.2B grant
Minister of Finance, Dr. Ashni Singh, and Chinese Ambassador to Guyana, Zhang Jungao, yesterday, signed an economic and technical cooperation agreement that will see Guyana benefiting from a grant worth approximately US$5.9M.
The ceremony was conducted in the boardroom of the Ministry of Finance.
“This will contribute in a very significant way to the development of Guyana,” Minister Singh said before the signing of the agreement.
Guyana and China have enjoyed very friendly relations for over 30 years, Ambassador Jungao stated, referring to several projects that have been or are in the process of being completed in Guyana, including the roll-on, roll-off ferry project, the co-generation facility at the new Skeldon sugar factory (which is expected to be completed by March 2010) and the Guyana Power and Light (GPL) transmission and distribution project, that is being funded through the Export-Import Bank of China, and is likely to commence early in 2010.
Dr. Singh pointed to other projects that saw the two countries working together including the construction of the Guyana International Conference Centre (GICC) at Liliendaal, micro-enterprise work in the area of bamboo craft, support for mushroom cultivation through the National Agricultural Research Institute (NARI), training, and the work of several Chinese companies in Guyana including the construction of the Skeldon sugar factory.
“China has tried its best to provide some assistance to the friendly countries like Guyana…to give support,” the Chinese Ambassador highlighted.
Minister Singh supported the Ambassador’s sentiments. “Our two countries have enjoyed, over the years, a very strong, close, fraternal relationship.”
The projects which will benefit from the grant have not yet been earmarked and negotiations will begin immediately, the Finance Minister said. Government will highlight the areas where it would like to see the funds flow and will discuss these with the Chinese and arrive on an agreement.
However, Dr. Singh noted that the funds will likely flow to areas that have already benefited from Chinese assistance such as agriculture (through collaboration with NARI) and human resource training.
Guyana and China initiated relations in November 1971 when the two countries signed an Agreement on the Mutual Establishment of Commercial Offices, with diplomatic relations established on June 27, 1972 when China established its embassy in Guyana.
Guyana was the first among the English-speaking Caribbean countries to establish diplomatic relations with China. Since then, the two states have enjoyed smooth, long-term and friendly relations with a frequent exchange of high-level visits and close cooperation in the international arena.
Over the years, Guyana has benefitted from assistance totalling some US$22.3M or $4.5B. (GINA)
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Fastest growing economy and an empty stadium
…Peeping Tom Kaieteur News- It’s a classic Guyanese tale, really. You live in the fastest growing economy in the... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
