Guyana to receive Norway $US30M in 10 days – Jagdeo

Oct 01, 2010 News

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By Gary Eleazar

Guyana will be the first country to be paid for standing forests and the first tranche of US$30M will be deposited into the Guyana REDD+ Investment Fund (GRIF) account within ten days.
This is according to President Bharrat Jagdeo who was at the time speaking at the opening ceremony of the GuyExpo 2010 which will continue over the next five days under the theme, “Expanding Investment in a Sustainable Environment.”
Jagdeo said that the process for the depositing of the money is currently in the final stages of processing to receive the money which is being paid to Guyana as part of the Memorandum of Understanding (MoU) signed with the Kingdom of Norway to the tune of some $250M.
Jagdeo said that the money will be used to invest in Guyana’s future, adding that some will be used for the access road to pave the way for the construction of the Amaila Falls Hydro Electric Plant.
The President said that as soon as the Environmental Social Impact Assessment Report is met with satisfaction the Government will authorize the contractor to commence building the access road.
He said that some of the money will also be used to allow for the installation of Solar Panels in Amerindian communities many of which have never had electricity before and some of the money will also be used for the demarcation of Amerindian Lands.
The president, in speaking to the business community, said that they must recognize the global environment within which businesses are operating, especially in light of the financial crisis that rocked the world, adding that some of the effects are still being felt.
He praised the efforts of business persons, adding that his government will continue to seek to provide an enabling environment for investment in Guyana by entrepreneurs.
Jagdeo said that the global operating environment has changed and the business community must recognize this and be proactive in the manner with which they adjust and adapt.
To this end, the President said that he will be holding a Business Summit with the Private Sector shortly where they will discuss how to take advantage of the new markets which are emerging, such as China, India and Brazil.
He spoke to the gains that the country has made over the past four years as it relates to economic growth, adding that this growth is being invested prudently.
Jagdeo told the gathering that investment is being made in infrastructure as part of long term vision, pointing to the Takutu Bridge which has resulted in increased trade with Brazil.
Minister of Tourism, Industry and Commerce Manniram Prashad, under whose ambit the exhibition is organized, lauded the growth of the event which he pointed out as one of the largest events on the Guyana calendar, pointing out that ever since its inception it has grown significantly.
He pointed to the fact that this year the event has grown to such a magnitude that India, Mexico, Suriname and Brazil are participating.
Prashad said that the event is an ideal meeting place to showcase products and services and provides a platform to network and negotiate.
He pointed out the fact that GuyExpo is one of a kind to the Caribbean, in that in no other country in the region does an exhibition of this nature last that long, adding that the event is also very beneficial to Guyana’s economy.
The Minister said that one must be cognizant of the investments being made in the country for the betterment of all Guyanese such as the Amaila Falls Hydro Electric Project which will eventually bode well for a better standard of living for all Guyanese.
He urged investors and producers to take the opportunities available, adding that the Guyana ‘brand name’ speaks to and is recognized as quality.
Prashad told the business community that Guyana is forging ahead with a knowledge-driven approach in trying to make the manufacturing sector one of the key pillars of the country.
The Minister pointed out that Guyana is an investment-friendly country, given that the government is trying its best to remove the hindrances. He stressed that the country offers favourable incentive packages for doing business here.
Chairman of the Private Sector Commission Ramesh Dookhoo who was also one of the featured speakers at the opening, said that the private sector has heeded the call of the President and over the years has been expanding.
He spoke to the fact that last year whilst businesses around the world were failing and countries were feeling from the effects of the global financial crisis, the local economy still managed to grow as it has been doing for he past four years.
He spoke, too, of the recent investment by the Guyana Telephone and Telegraph Company as it relates to increased bandwith, which the PSC Chairman emphasized has the ability to positively transform the private sector.
According to Dookhoo, more and more Guyana is being recognised as an investment frontier.
He also spoke to the many awards and the recognition that local companies are receiving, adding that things are projected to just get better.
GuyExpo will run over the course of the next five days at the Sophia Exhibition Centre and thousands are expected to visit.
GuyExpo began fifteen years ago, in 1995, as a biennial activity, organized by the Guyana Office for Investment (Go-Invest), the Guyana Manufacturers’ Association (GMA) and the Ministry of Tourism, Industry and Commerce.
It became an annual event in 2004 and is the longest sustained exhibition in the Caribbean region.

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