Latest update April 17th, 2025 8:39 PM
IDB wants independent review of US$63.5M housing project before full disbursement
The Inter-American Development Bank (IDB) has requested a review of the implementation of an adequate housing and urban accessibility programme before the full disbursement of loan funding which total U.S. $63.5 million.
The bank on December 7, last, approved a request from Guyana to reassign an undisbursed loan balance of U.S. $63.5 million which was originally approved by the bank in 2012 and earmarked for a road network and expansion programme.
As part of the December agreement, some U.S.$3 million in local counterpart funds were included.
Under Section 4.07, the Government is required, through the executing agencies; hire independent consultants to prepare a mid-term and final evaluation of the reformulated project, which will include two separate sections and relevant information, focused on Components 1 and 2.
According to the amended agreement, the midterm evaluation will be carried out at the end of the 30 months from the date of the amendment or when 50 percent of the resources of the financing have been disbursed, whatever occurs first.
The agreement stipulates that the evaluation must include the results produced by the Project execution with regards to attaining the project’s objectives stated in the results framework; the progress of implementation activities, and procurement procedures and results for goods, services, consultancies, and civil works; and the progress in the implementation and effectiveness of the environmental and social measures being instituted to mitigate the impacts of the project.
According to the agreement, the Ministry of Communities through the Central Housing and Planning Authority (CH&PA) and the Ministry of Public Infrastructure, through the Work Services Group are responsible for the execution of the works under the loan agreement.
Minister of Finance, Winston Jordan
Both executing agencies are responsible to collect, record, and maintain all information and parameters, including semi-annual reports, annual operating plans, performance plans and procurement plans necessary to support the Bank in preparing a final evaluation.
Each Ministry has committed to present a final evaluation within 90 days after the justification of the last disbursement of the project.
In addition, the final project report must include a summary of the auditing exercises carried out during the execution of the project; results of the ex-post economic evaluation for each component, based on the methodologies included in the monitoring and evaluation plan for the Project; and the lessons learned.
The amendatory agreement was signed by Minister of Finance, Winston Jordan and Sophie Makonnen, IDB’s Resident Representative.
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