Guyana inks US$31M in loans to improve electricity, create single trade window -oil and gas governance targetted

Feb 13, 2019 News

Minister of Finance Winston Jordan, on Monday, signed two loans with the Inter-American Development Bank (IDB) to the value of US$31.1M.
The loans will go toward the establishment of an Electronic Single Window for Trade and the Energy Matrix Diversification and Institutional Strengthening of the Department of Energy, the ministry said.
The projects will be executed by the Ministry of Business, the Guyana Energy Agency and Guyana Power and Light Incorporated respectively.

President of the IDB, Luis Alberto Moreno (L) and Minister of Finance, Winston Jordan during the signing on Monday.

Explaining, the ministry said that exporters, importers, agencies and businesses involved in the importation and exportation of goods can look forward to significant improvement of doing business with the establishment of an Electronic Single Window.
“Benefits to be derived include reduced transaction costs, data requirements and documents and simplified trade processes through enhanced inter-agency collaboration, which together will align Guyana with international best practices.”
Meanwhile, the Energy Matrix Diversification and Strengthening of the Department of Energy project will realise investments in newer and more sustainable energy solutions for hinterland communities, improve the reliability and stability of the Demerara Berbice Interconnected System and help the Department of Energy to develop a regulatory framework, improve its capacity and governance of the oil and gas sector.
The loans were signed on the sidelines of the 8th Annual Caribbean Governors’ Meeting of the Inter-American Development Bank (IDB), which concluded yesterday.
The meeting took place under the theme ‘Exponential for Resilience’.
Finance and planning ministers from the Caribbean explored avenues through which the region can use innovative methods to enhance revenue administration and harness the skills necessary to create the Caribbean workforce of the future.

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