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IDB is government’s main external financial partner

Nov 02, 2013 News

 

 

Minister within the Ministry of Finance Juan Edghill has said that the Inter-American Development Bank (IDB) has become one of Guyana’s main external financiers in developmental projects.
The minister made the disclosure on Monday while giving remarks at the closing ceremony for the Modernization of the Justice Administration System Project.
That project which lasted for about six years was funded by the IDB.  “Today as it stands, whether it’s for infrastructural development as we would have seen with this project and others, the IDB is our main development partner,” Edghill said.
He told Kaieteur News that this has become the reality between government and the IDB adding that the IDB is currently financing several projects around Guyana.
According to the minister, some of the projects are in the area of agriculture, security and public works. Edghill asserted that the partnership is highly appreciated by the Government of Guyana.
In the future he said that it is anticipated that Guyana will rely less on support from the World Bank, DFID and CIDA whose programs are being gradually reduced. At the same time, there has been an increase in foreign aid from new players such as India, China and the PetroCaribe fund.
Additionally, new revenues from oil related production and arbor finance are also possible, but in the meantime the IDB will continue to play a major part in the country’s external financing.
The IDB support efforts by Latin America and the Caribbean countries to reduce poverty and inequality. They aim to bring about development in a sustainable, climate-friendly way.
The IDB was established in 1959, and is the leading source of development financing for Latin America and the Caribbean, with a strong commitment to achieve measurable results, increased integrity, transparency and accountability. They have an evolving reform agenda that seeks to increase development impact in the region.
While they are a regular bank in many ways, the IDB is unique in a number of key respects. Besides loans, they also provide grants, technical assistance and do research.

 

 

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