NICIL raised S$1.1B for local coffers

Mar 01, 2020 News

Members of the Board of Directors of the National Industrial and Commercial Investments Limited, (NICIL), say that the entity has been able to mobilise US$1.1B in investment for Guyana in 12 months.

NICIL’s CEO (ag), Colvin Heath-London

As a result, NICIL boasted, it is the most active sector/agency within the country.
The way has now been paved for NICIL to unleash its full investment potential capacity.
The disclosures came after years of NICIL being under fire for questionable transactions, including Marriott Hotel, among other things.
It has new management with Colvin Heath-London named as the new Chief Executive Officer.
There had been calls for NICIL, which had sold state property and raised billions of dollars, to be reformed.
According to NICIL, yesterday, investments secured through a multitude of investment projects, payment of fees and other investment-related costs will help spur “significant economic growth and development” nationwide.
This will continue to aid significant national development.
“We have seen massive inflows of investment value coming. This was primarily possible through the prudent and excellent negotiations that were executed under our young and vibrant management team,” Board Director, Dr. Grantley Walrond, said.
The board lauded Heath-London’s sustained push to lure lucrative investments into the country.
“So far, he has been successful. They said that he has been able to attract some of the top investments that this country has seen in its history within this sector.”
In recent days, it was announced that three major hotels will be built at Ogle, East Coast Demerara, including an AC Marriott and a Hilton.
“The Board continues to marvel at the level of investments coming in, while we are impressed with the number of persons who seek to do business here,” members of the Board noted.
The Board said that the US$1.1B committed will boost other sectors that are not necessarily oil and gas.
The investments will create some 3,000 plus jobs.
Dr. Walrond said that much more is planned and NICIL will champion the cause of investments and social responsibility.
According to Heath-London: “There is no question or doubt that NICIL has been keeping the economic wheel of this country turning as it continues to ensure that Guyana garners significant economic investment.
“Some years ago, this would have been unheard of but thankfully owing to a number of factors investors are clamouring to come to Guyana. Through NICIL we are ensuring that the right systems are put in place to receive their investments.”
“The reality is that no other sector has brought in this amount of money through investment, single-handedly, and even to our new oil sector, which is expected to bring in US$300M in its first year, we have seen that thus far NICIL through its investments has been bringing in significant revenues.
“This augers very well as it’s evident that as an agency, we have been executing our mandate,” Heath-London said.
He pointed out that among the revenues that NICIL has secured over the past year are the US$3M from Bosai; US$3.3M from the Guyana Telephone and Telegraph Company (GTT) and a significant amount from several other investors from deals to build hotels, condominiums, restaurants and the specialty hospital project among others.
“There are more investments that we will continue to generate through NICIL for this country and I can assure you that it will continue to increase tremendously,” Heath-London projected.