Latest update April 4th, 2025 6:13 AM
IDB, GMSA ink energy conservation pact
The country’s manufacturing and services sectors will be actively promoting energy conservation, after the Guyana Manufacturing and Services Association (GMSA) and the Inter-American Development Bank (IDB) on Wednesday signed the grant for a project to steer local companies towards energy efficiency and conservation in their operations.
GMSA President Clinton Williams & IDB Country Representative, Sophie Makonnen ink the agreement.
The project cost is estimated at US$200,000 and the venture is expected to run for approximately fifteen (15) months with immediate effect after the signing.
Many local companies had begun to generate their own base loads, mostly due to insufficient and sometimes unreliable output from the national grid.
The project was designed to address three distinct, but interrelated components of energy efficiency application – Energy Conservation; Energy Consumption and Alternative Energy Sources – and is being jointly funded by the IDB grant and the GMSA, in a 70:30 percent ratio, respectively.
GMSA President Clinton Williams asserted that for years the GMSA has been advocating with several government and private sector agencies and companies to devise a programme that would address the subject of energy usage in business.
He added: “It is agreed that energy costs are high and that supply is not at the required level and quality. So we devised a comprehensive plan that requires the full involvement of every pilot company and all others that need expert guidance in assessing their energy needs, along with the compatibility and modernity of their installations. Whether they power their operations from the national grid or from their own generators, this project will identify and correct their inefficiencies, and teach them the best ways to conserve energy usage.”
IDB Country Representative, Sophie Makonnen, explained that the programme is being financed by the Multilateral Investment Fund (MIF), one of two branches of the IDB’s local operations.
She explained that the MIF is focused on disbursement of small loans to entrepreneurs, towards enhancement of their production and productivity. The official disclosed that the IDB is giving a partial loan of 70 percent of the project cost (US$150,000), with the remaining 30 percent being provided by the GMSA.
She gave the assurance that the IDB will continue to render assistance for economic and other projects in Guyana.
The GMSA oversees the development of enterprises in the Manufacturing & Services Sectors which have been categorized into seven (7) sub-sectors: – Agro-Processing; Forestry & Wood Products; Minerals & Related Products; Chemicals & Pharmaceuticals; Engineering & Construction; Textiles & Sewn Goods; and Industrial Services (comprising Energy, Telecommunications, Transport, Water, and ICT).
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