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Japan US$3M grant aid…Private sector to benefit from loans to purchase development products
Through a non-project grant aid by the Government of Japan, local private sector companies would be benefitting from an approximately US$3M loan to purchase items namely in the civil engineering field to progress Guyana’s development.
The loan would be repaid to the Government of Guyana that would utilize the money to execute social economic development projects, says Carolyn Rodrigues-Birkett, Minister of Foreign Affairs.
Carolyn Rodrigues-Birkett, Minister of Foreign Affairs and Japan’s Ambassador to Guyana His Excellency Yoshimasa Tezuka sign note agreement
She made those comments at the signing of the note agreement at the Ministry’s boardroom yesterday.
“It’s a very unique mechanism so the private sector once they would have repaid the Government the funds would be used for Guyana’s development. There is an agreed list of items that can be purchased by the private sector,” she added.
According to Rodrigues-Birkett, this initiative is a demonstration of the continued support of the Government and people of Guyana by the Government and people of Japan. Whilst highlighting that about 90 percent of the vehicles in Guyana are imported from Japan. The Minister expressed hope that Guyana could increase its exports to Japan.
Guyana has enjoyed friendly relations with Japan for numerous years and benefitted from quite a lot of resources such as the Corriverton Water Project and scholarships.
According to Japan’s Ambassador to Guyana, His Excellency Yoshimasa Tezuka, the aid is to promote economic and social development of Guyana since Japan is interested in the country’s and by extension the Caribbean’s progress.
“The non-project grant aid will be utilized for the importation of products, for example, civil engineering equipment and electric power machinery, which are necessary to promote development efforts by the Government of Guyana,” the Ambassador said.
He related that Japan is celebrating its friendship with CARICOM countries this year, which marks 20 years since its first consultation with the bloc.
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