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Approximately €7.56M Approved by EU to Support Guyana

Dec 21, 2021 News

Kaieteur News – According to the Caribbean Community’s (CARICOM) Business News Aggregation service, the European Union (EU) has approved the allocation of €7.56 million (equivalent to G $1.8 B) to Guyana, as part of its Budget Support Programme. Last Tuesday, a joint press conference was conducted where President Irfaan Ali made clear that the grant fund represents the “final tranche of payments under a multi-year programme” at a worth of €30 million. CARICOM clarified that the funding support came into being after Guyana lost Europe as one of its preferential markets for sugar.
During the press conference, the EU Ambassador, Fernando Ponz Cantó pointed out that the grant funds are fostered through the EU’s national treasury, and this contribution is a validation of the EU’s confidence and trust in the PPP/C government. Previously, the funds from EU’s Budget Support Programme for Guyana were allocated toward housing, climate adaptation, improved infrastructure, and repairing the country’s sea defences. This was evident in a similar Budget Support Programme last year, where the EU disbursed G$ 19.8 billion for Guyana.
Moreover, President Ali made mention that, “the European Union remained our largest provider of grant resources to support our development programmes” throughout the years. However, this grant fund marks the termination of the EU’s support toward the Integrated Coastal Management Programme. This 4-year support programme lasted from 2017-2021 with a total fund of G$74.5 billion. Thus far, EU’s support has facilitated the construction of almost 10 kilometers of sea defences as well as the rehabilitation and maintenance of sea defences across Guyana.
Sources for proofreading: CARICOM-Business-18-December-2021.pdf

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