Guyana is CDB’s largest loan beneficiary

Jul 15, 2021 News

…has secured more than US$10M in past two years

Kaieteur News – With Guyana being the Caribbean Development Bank (CDB’)s largest recipient of loans, newly elected bank president, Dr. Hyginus ‘Gene’ Leon, arrived in Guyana on Friday, July 9, last, for his first official visit to the country since taking up leadership of the Bank in May 2021.

Dr Hyginus ‘Gene’ Leon (right) greets Finance Minister Dr Ashni Singh in the presence of Head of State, President Irfaan Ali

In 2020, CDB’s project approvals in Guyana included US$9.9 million for the construction of a modern Hospitality Training Institute and US$190 million for upgrading 121 kilometres of roadway from Linden to Mabura Hill – the largest project ever in the Bank’s history.
Dr. Leon and the CDB delegation were warmly welcomed at the Eugene Correia International Airport by Guyana’s Governor to the CDB, Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh.
Shortly after arrival, Dr. Leon, along with his delegation met and had discussions with President Irfaan Ali and Vice-President, Dr. Bharrat Jagdeo, and other officials. Over the course of the four-day visit, the Bank’s President visited a number of the sites being funded by CDB.
The objective of the mission, according to the new CDB President, is to reaffirm CDB’s commitment to Guyana and to offer assistance in support of national development goals.
The visit comes against the background of recent severe flooding events in the country and as such, meeting with officials involved in the recovery process and residents impacted by the events, will be a high priority for the CDB delegation.
The visit was said to be an opportunity for dialogue between the Bank and the Government of Guyana on the Government’s economic objectives and priorities, and how CDB can support through its assistance and lending programmes.
Guyana is one of the founding members of CDB, having joined in 1970, and the Bank has been a leading partner in the country’s development over the past half century.
CDB funding in Guyana has been used for social and economic infrastructure, including schools, water systems and climate-resilient roads.
Meanwhile, Dr. Leon in an interview with the state television – National Communications Network – noted that one of the issues discussed was how bilateral relations could be increased between the two sides.
He used the occasion to draw reference to the fact, that Guyana is on the brink of major changes in its growth trajectory, and that Guyana could be a working partner with the CDB on regional development.
“I think we need to have an almost chummy type of pre-transactional relationship, whereby we can be engaged continuously, informally and formally,” he said as he pointed to formal dialogue as critical.
He noted that “by doing this, we would be setting as it were the means of conversation, trust. In terms of being engaged. So that when the transaction request occurs, there’s no need for resetting. We would already be in that mode of continuous conversation before.”

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