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US$50M Indian secured for East Bank /East Coast Road Project
Guyana will now be able to benefit from a US$50M line of credit for the East Coast/East Bank Road Linkage Project. This was made possible through an agreement that was signed yesterday between Minister of Finance,
(Left) Minister of Finance, Winston Jordan, during the signing of the agreement.
Winston Jordan and the Exim Bank of India.
Present at the meeting which was held at the Boardroom of the Ministry of Finance was Minister of Public Infrastructure, David Patterson and other officials of his Ministry. Also present was Indian High Commissioner, Venkatachalam Mahalingam, who said that the agreement represents just one phase of the project. He said that he is anxiously awaiting the award of the contract.
Patterson said that it was indeed a happy moment for him and his Ministry. The line of credit was a long awaited project. He noted that the linkage project will ease the traffic congestion that is a chronic problem in the city. He also thanked the Government of India for demonstrating faith in the new administration.
The Finance Minister said that the relationship between Guyana and India is a significant one. He said that India remains one of Guyana’s strongest partners and one of its largest bilateral donors. He said that the concessional loan will pave the way for Guyana to have a road that will lead to the Cheddi Jagan International Airport.
He noted however that the US$50M will not be enough to complete the project but will assist greatly in ensuring that a significant part of it is done.
The Public Infrastructure Minister added that it is expected to be a four-lane road with two lanes being paved.
Patterson said that this project will not interfere with the Sheriff Street/ Mandela Road Project which was recently revised especially with regard to the design criteria. It is hoped that by the last quarter of the year, construction for the US$50M road will begin.
Jordan also signed a revised agreement with the Indian High Commission for the pumps which were supplied by Surendra Engineering.
He noted that the initial loan was some US$4M but only US$3M was used. The loan agreement was amended to reflect this change.
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