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IDB announces US$550M ready to support lending activities to Guyana 

Dec 01, 2023 News

Kaieteur News – The Inter-American Development Bank’s (IDB) Board of Executive Directors has given the green light to a US$550 million financial commitment ready to support lending activities to Guyana.

In a press statement on Thursday, the Bank made the announcement of the approved Country Strategy with Guyana for 2023 through 2026. The strategy is focused on resilient infrastructure, human capital development with an emphasis on improving health and education outcomes and social services and strengthening institutional capacity.

The IDB said that the financial commitment in the lending pipeline is poised to support Guyana’s journey toward sustainable development and inclusive growth.

The Bank stated that, climate change, environmental sustainability and strengthening gender and diversity are cross-cutting themes of the strategy. It was stated too that the new strategy also provides support to Guyana on implementing its Low Carbon Development Strategy and meeting its decarbonization objectives.

Additionally, it was outlined that there is an expected increase in private sector activities from IDB Invest, the private sector arm of the IDB Group in keeping with the economy’s growth trajectory and to foster access to longer-term financing for Guyana’s private sector.

This will strengthen the development of Guyana’s private sector by deepening its links to the booming economy and improving the business climate in non-oil industries through productivity-enhancing, resilient infrastructure and a better equipped labour force.

“This new strategy puts people at the center, reflecting the government’s commitment to improve the well-being of the Guyanese population hand in hand with the economic growth,” the Bank said.

Moreover, the Bank said through these areas of support it will further contribute to Guyana’s economic transformation supporting more investment and employment, and ultimately improving standards of living across the country.

“It is a unique, once-in-a-lifetime opportunity to witness Guyana’s current resource boom,” said Lorena Solorzano Salazar, the IDB’s representative in Guyana.  She added, “It gives momentum to innovative and sustainable solutions that can help improve the quality of public and social services and, ultimately, people’s lives.”

“As a long-standing development partner to Guyana, at the IDB Group we remain committed to deepening our collaboration and ensuring our interventions are meaningful and impactful,” added Solorzano Salazar.

Moreover, the IDB pointed out that Guyana will leverage resources from other facilities like the Bank’s Group Amazonia Forever Program and the forthcoming Program for the Caribbean to strengthen Guyana’s actions in areas such as regional integration, food security, and climate change among others.

Notably, the Bank highlighted that the Country Strategy is the result of an inclusive process of sustained dialogue and engagement with the Government of Guyana and consultation with a wide cross-section of civil society stakeholders.

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