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GCCI begged US Exim Bank for gas-to-energy loan on its own – Jagdeo
Kaieteur News – The Georgetown Chamber of Commerce and Industry (GCCI) begged the United States (US) Exim Bank on its own to allow the loan for the Gas- to-Energy (GTE) project to be approved.
GCCI President Kester Hutson
This is according to Vice President Bharrat Jagdeo who made the notion on Thursday at his weekly press conference.
As reported last week, the GCCI resorted to writing a letter to the US Exim Bank, pleading for it to fund Guyana’s US$2B Gas to Energy project.
“We don’t need to lobby the GCCI because you are disparaging. You just said that we put GCCI up to write this letter. This is the disparaging view that you have but it comes directly out of Congress Place and the mind of Glenn Lall,” Jagdeo said when questioned by Kaieteur News.
The VP explained that the GCCI wrote the letter with their own agenda since it is the expectation that the body’s membership will benefit from cheaper electricity once the loan is approved and the project comes on stream. Another benefit is increased profits since a lot of its members who are manufacturers will be able to export hence their “vested interest in this project.”
Vice President Bharrat Jagdeo
Additionally, he said, “people of this country would save $100M US dollars every year from this project alone, leaving out what we would save as a country.”
This publication reached out to the President of the GCCI, Kester Hutson for clarity on the matter. He requested to have the questions sent to him via email. Hutson then informed the reporter to clarify who formulated the questions. Up to press time he has not responded to the questions via email or text.
In the letter to the bank’s President, Reta Jo Lewis, the GCCI wrote: “As you are aware, the Government of Guyana would have applied for a funding facility from the U.S. EXIM Bank to help finance this watershed initiative for the people of Guyana,” adding that the bank’s support will contribute significantly to the country’s energy transition, reduce reliance on fossil fuels, and promote sustainable practices.
GCCI continued that the GTE project will reduce electricity cost in Guyana by half for its citizens and enterprises. “The GCCI sees this project as having immense potential to drive economic growth, enhance energy security, and promote sustainable development in the Western Hemisphere,” the GCCI told the bank, before moving to advice its president not to listen to the pundits who have been criticising the gas project.
The Guyanese business body said that it condemns “certain attempts by a small minority of individuals to discredit the project and discourage the US Bank from providing the financial support to complete the project.”
It said, “…we are appalled at missives penned requesting that the loan to fund the initiative be blocked.”
The government has submitted an application to the US bank for a US$646M loan to build a natural Gas fire power plant and a Natural Gas Liquids facility at Wales, West Bank Demerara (WBD) but it has not been approved.
Key Focus: GCCI begged US Exim Bank for loan on its own-Jagdeo
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