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National Budget 2013…Guyana votes US$80M for Amaila Falls Hydropower project

Mar 28, 2013 News

Government has allocated US$80M in this year’s Budget for the Amaila Falls Hydropower Project (AFHP). This sum is Government’s equity in the project and comes under Guyana REDD+ (Reducing Emissions from Deforestation and Forest Degradation) Investment Fund- GRIF, says Dr. Ashni Singh, Minister of Finance.
He was at the time presenting the National Budget to the National Assembly on March 25.
GRIF was established in October 2010 as the mechanism through which the Low Carbon Development Strategy (LCDS) projects will be funded.
GINA further stated, “The Inter American Development Bank (IDB) is a financing partner for the development of the US$840M project that will become the source of a large proportion of cheap and reliable electricity generation in the country”.
According to Dr. Singh, with financing from GRIF, Government plans to spend US$17.6M on institutional strengthening, Amerindian Development Fund (ADF), Amerindian Land Titling, Micro and Small Enterprise Development and other projects.
Speaking on the GRIF, he said that at the end of 2012 Guyana fulfilled all the requirements for a third tranche of performance-based payments to the tune of US$45M, bringing the total amount earned through partnership with Norway to US$115M.
“This partnership, given the funds received and committed thus far, represents the second largest interim REDD+ arrangement in the world, is testimony to our Government’s commitment to good forest governance and stewardship, and vindicates the LCDS,” Dr. Singh said.
He stated that in 2012, funds began flowing from the GRIF to implement projects identified under the LCDS. Monies have been disbursed from the GRIF for the Institutional Strengthening Project, which will support the Guyana Forestry Commission, the Office of Climate Change and the Project Management Office to the tune of US$7M.
In addition, US$6 million was disbursed for the ADF project, which provides financing to support the socio-economic development of Amerindian communities and villages through the implementation of their Community Development Plans.
The ADF was recently launched by Government in 27 Amerindian communities that will be used as a pilot. Over time, 180 communities will benefit from the fund to execute their income generating ventures.
“The US$5M Micro and Small Enterprise (MSE) Development project has now been approved for implementation,” Dr. Singh added.

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