Delayed Indian, Chinese loans stall massive road projects

Oct 11, 2015 News

Two large loans from the Indian Export Import Bank (Exim) and their Chinese counterparts are currently at various stages of the approval process but the delays have resulted in two massive infrastructural road projects being stalled, locally.
Chief Works Officer, Selywn Vaughn, said, “With the East Coast Four lane project, at this stage we are still awaiting the contract being signed.”
He was making reference the loan from the China Export Import (Exim) Bank.
This publication understands that the Chinese are currently engaged in a due diligence process ahead of approving the loan.
According to the Chief Works Officer, when the loan has been finalized, then the project will move ahead.
“Once that has been finalized then the East Coast four-lane project will continue,” said Vaughn.
He reminded that the project is being undertaken from Better Hope to Annandale which would be upgraded to a four-lane roadway.
According to Vaughn, this stretch of road from Annandale to Belfield will be upgraded as a two-lane roadway.
Vaughn said that at the time he could not give any reasons for the delay in signing off on the loan.
“We wouldn’t be able to say at the Ministry of Public Infrastructure. That’s a financial issue and that deals with Ministry of Finance not us,” according to Vaughn.
Meanwhile Guyana is also awaiting a submission from the Indians with respect to the pre-qualified contractors and consultants that would be engaged in the project.
This publication was told that given the concessionary arrangements with India for the money, that country would submit to the Guyana Government a list of pre-qualified contractors and consultants for approval.
Kaieteur News was told that Government is currently awaiting the proposals from India so that a shortlist can be agreed on.
The process involved sees Guyana having to send to India, the bidding document associated with the project after which the Indian government would solicit prequalified companies for the Guyana Government’s approval.
While the Chinese are funding the road works along the East Coast of Demerara, the Indian loan is slated to be applied to the East Bank Demerara, Mandela Avenue Road bypass project.

Latest News

Delayed Indian, Chinese loans stall massive road projects

Related

Similar Articles

The Glenn Lall Show|| February, 7th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Imlach masterclass 126, Alimohamed 66-ball 77, give Harpy Eagles life...

Fraser rebounds well, as Arjoon keeps perfect...

Guyana to host historic 3×3 Quest Tournament

Quarter-Finals in Mashramani Street Football...

Vurlon Mills Football Academy launches KFC...

DEMLIFE Golf Tournament tees off today at LGC

Features/Columnists

Due diligence on investments must become a priority

OAS Secretary General Election and renewed OAS Consensus

Awestruck and starstruck with a twist

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

Delayed Indian, Chinese loans stall massive road projects

Share this:

Related

Similar Articles

The Glenn Lall Show|| February, 7th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]