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‘Investors now rushing Guyana’ – Pres. Ali tells New York gathering
Kaieteur News – Investors have shown growing interest in Guyana in recent years due to its significant oil discoveries and untapped potential. Foreign companies, particularly in the oil and gas sector, have made major investments in the country.
President Irfaan Ali addressing the gathering
On Wednesday, during a Diaspora engagement with Guyanese in Queens, New York, President Irfaan Ali highlighted the development and transformational projects his administration has embarked on.
During his address, President Ali said that several years ago, Guyana had a hard time finding investors, but with the country’s oil and gas finds catapulting the economy investors are now flocking Guyana.
He said, “Today as I speak to you, years ago we had the unfortunate situation whenever we went to present Guyana to investors, we had to first spend an hour trying to tell them where Guyana is located and another 10, 15 minutes to ensure that they don’t confuse Guyana with Ghana.”
To this end, President Ali stated that now, Guyana is being pursued by investors from all around the world.
“Guyana is pursued by every single sophisticated investor every single day. To date our investment portfolio and our capital is from every segment of the globe, whether its U.K (United Kingdom), China, the U.S. Exim Bank, the Saudi Investment Fund, Qatar Investment Fund, the India Exim Bank, the Abu Dhabi Investment Fund, they are all in Guyana wanting to be part of transformation of our country,” the Head-of-State said.
Notwithstanding, the investment coming Guyana way, Ali underscored that his administration has set themselves important targets in the international market.
Ali reiterated his administration position to not borrow loans at invariable rates.
Recently, Ali addressed the Inter-American Dialogue think tank in Washington, DC, highlighting his government’s commitment to responsible borrowing practices.
President Ali made it clear that the country will not borrow loans at a high interest rate, noting that all borrowing of loans by Guyana should be based around a 4% interest margin.
During the discussion, President Ali emphasized that the country would not entertain loans with high-interest rates.
A section of the gathering in Queens, New York
President Ali stated that his administration has set internal policies to guide the borrowing of loans. He said, “We are not prepared to borrow invariable rates. Many people would say that you’re crazy because in this existing market everything is invariable rates but we have made it a point that any borrowing must be a fixed rate, of less than a very low percent. Less than 4% in most cases and we have been able to achieve this in this existing market.”
Moreover, Guyana’s Ministry of Finance recently reported that the country’s debt recently saw a notable increase. According to the ministry, within six months, the country’s debt has surged to US$3.9 billion, marking a 7.2% increase compared to the end of 2022.
ExxonMobil Guyana and its partners in the lucrative Stabroek Block are some of the key players in Guyana’s emerging oil industry, with substantial investments in offshore exploration and production. Additionally, other industries such as mining and infrastructure development have also attracted foreign investments.
This interest in Guyana’s natural resources and emerging market has led to increased attention from investors seeking to capitalize on the country’s economic growth prospects.
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