Finance Minister meets EXIM Bank officials on financing Gas-to-Energy

Sep 08, 2024 News

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Kaieteur News – Senior Minister in the Office of the President with responsibility for Finance and the Public Service Dr. Ashni Singh met and held discussions on Gas-to-Energy project with the Senior Advisor to the President and Chair, Mr. Larry T. Decker, and other senior and technical officials of the Export-Import (EXIM) Bank of the United States (US) in Washington DC.

According to a statement released by the Ministry of Finance, the meeting took place during the Senior Minister’s four-day visit to the US.

The EXIM Bank is still to consider approval of a loan to Guyana, valued at approximately US$646 million. The loan is meant to support the Gas-to-Energy project.

As a result, during the visit discussions surrounded the bank’s support towards the project, which, when completed, is expected to significantly reduce electricity costs, increase the competitiveness of other industries, and reduce the nation’s reliance on heavy fossil fuels. At the meeting, Dr. Singh expressed appreciation to the Bank for its continued support to Guyana, and reiterated that the Government values greatly, its relationship with the Bank.

Dr. Singh met and held discussions with a number of other high-level officials as Guyana have been partnering in a number of areas such as economic growth, trade and development including enhanced security.

During his visit to the US, Dr. Singh, accompanied by Guyana’s Ambassador to the US, Samuel Hinds, met with the Deputy Assistant Secretary, United States (US) Department of Treasury, Michael Kaplan, in Washington DC where he updated Mr. Kaplan on recent economic developments and prospects in Guyana and explored opportunities for the two countries to collaborate on matters of shared interest.

He also reiterated the Government of Guyana’s commitment to maintaining a favorable macroeconomic environment and strong institutional framework which will facilitate increased opportunities for US companies to do business in Guyana.

Later, the Senior Minister met with United States Agency for International Development (USAID) Deputy Administrator for Policy and Programming, Isobel Coleman, in Washington DC. At that meeting Dr. Singh alluded to Guyana’s overall economic growth of 49.7 percent and the non-oil growth 12.6 percent in the first half of 2024, representing the fourth successive year of expansion in the non-oil economy at the half-year.

He further outlined the efforts being made by Government to ensure that this sustained strong economic growth redounds to the benefit of all Guyanese. The two teams also explored a number of avenues for further collaboration going forward.

Dr. Singh also met with the United States (US) Under Secretary of State for Economic Growth, Energy, and the Environment, Mr. Jose W. Fernandez, and Assistant Secretary, Bureau of Energy Resources, Mr. Geoffrey R. Pyatt, at the State Department in Washington DC where discussions focused on a number of avenues for closer cooperation in advancing the agenda for economic growth and improving the lives of the Guyanese people, including in the areas of energy security, human capital development, and pandemic preparedness in the context of the Economic and Health Dialogue of the Americas.

Dr. Singh further reiterated that the Government of Guyana places the highest level of importance on the special relationship shared with the US and he used the opportunity to restate appreciation, on behalf of President Dr. Irfaan Ali, and the Government and People of Guyana, of the US’s strong support for the restoration of democracy in 1992, and its preservation during the 2020 General and Regional Elections.

He also thanked the US for unequivocally supporting the sovereignty and territorial integrity of Guyana in terms of the Guyana/Venezuela border controversy.

The Senior Minister also met with the Assistant United States (US) Trade Representative for the Western Hemisphere, Mr. Daniel Watson, in Washington DC. where discussions centered on enhancing the trade and investment partnership between the US and Guyana with Dr. Singh emphasizing that the US continues to be one of Guyana’s most significant trading partners, and reiterated Government commitment to maintaining a strong institutional environment, and a favourable macro-economic environment conducive to US companies doing business in Guyana.

The meetings between Dr. Singh and US officials also included a meeting with the Executive President of the CAF (Corporacion Andina de Fomento) Development Bank of Latin America and the Caribbean, Mr. Sergio Díaz-Granados. Where the Minister explained that the Government is open to partnership with CAF and would like to see the bank play a role in Guyana’s exciting transformation currently underway.

The two sides also explored ways in which the financial institution can partner with the Government to ensure that the current aggressive infrastructure build-out is financed optimally, and that critical investments are made toward further boosting the economy and diversifying a number of critical sectors in the country.

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• Dr. Ashni Singh, EXIM Bank, gas-to-energy, project, Senior Minister in the Office of the President with responsibility for Finance and the Public Service

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