Latest update February 4th, 2025 9:06 AM
Guyana /China sign $1B agreement for developmental projects
Finance Minister, Dr. Ashni Singh and Zhang Limin, Ambassador of the People’s Republic of China, on Friday signed a $1B economic and technical cooperation agreement to help a number of projects to be agreed on.
Under the agreement, China will provide RMB¥30M (equivalent to US$4.8M or G$998.0M) for the implementation of bilateral co-operation projects to be agreed upon by the two governments, a release from the state media said yesterday.
Last March, a technical co-operation agreement valued at RMB¥30M was also signed to finance development projects.
Recently, in November, both governments signed a concessional loan agreement valued at RMB¥825,000,000 (equivalent to US$130M) for the Cheddi Jagan International Airport Expansion Project. This project entails the construction of a new terminal building, the extension of the runway and the general enhancement of the airport facilities to accommodate larger aircraft and the increasing arrival and departure of passengers.
Finance Minister, Dr. Ashni Singh and Zhang Limin, Chinese Ambassador, signing the bilateral cooperation agreement on Friday.
The Chinese have been actively involved in a number of other projects.
In January, China delivered two new state-of-the-art ferries – MV Kanawan and MV Sabanto– to replace the aging ones to improve river transport between the counties of Demerara and Essequibo.
Over the years, Guyana has seen interventions in health, trade, infrastructure, energy, mining, transport and communication, agriculture and sports and culture.
Larger intervention projects also include the Guyana Power and Light Transmission and Distribution Project which begun in 2010 and is geared to assist in strengthening the current electricity network.
The project aims to stabilize power supply and reduce production costs through the construction of several substations along the coast together with the installation of transmission lines and fibre optic cables linking each substation.
During 2011, Guyana received another concessional loan of RMB Yuan 215M or US$32M to finance the E-Government Project aimed at improving the communication on infrastructure for Government Ministries and agencies. This project involves the establishment of a data centre and the construction of Long Term Evolution (LTE) towers along the coastal belt to provide reliable internet access.
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