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Agriculture Minister meets with US EXIM Bank Chair to discuss ‘collaboration’
Kaieteur News- Minister of Agriculture, Zulfikar Mustapha on Saturday met with President and Chairperson of the United States Export-Import Bank (US EXIM) Bank, Reta Jo Lewis to discuss areas for collaboration.
The ministry said the talks explored areas for collaboration within Guyana’s agriculture sector to increase production and diversification. Lewis was accompanied by the US Ambassador to Guyana, Nicole D. Theriot, Hazeen Ashby, Deputy Chief of Staff and White House Liaison; Ufo Eric Atuanya, and Acting Senior Vice President of the Office of Global Development.
Minister of Agriculture, Zulfikar Mustapha shared a light moment with President and Chairperson of the United States Export-Import Bank (US EXIM) Bank, Reta Jo Lewis, following discussions between the two sides. (Agriculture Minister meets)
Minister Mustapha noted that while Guyana is now an oil and gas-producing nation, the country is positioned as a food hub and is currently leading the agriculture agenda in the Caribbean Community (CARICOM) region.
Over the last four years, the government has allocated funding to develop several new industries within the sector which have significantly impacted Guyana’s economic growth and development. Chair of the US EXIM Bank, on Sunday concluded a four-day visit to Guyana. On Friday, she signed a US$527M loan agreement while on a site visit to the Wales development site.
The US EXIM Bank, on December 26, announced that it has finalized a loan aid the construction of a natural gas separation plant; a 300 megawatt (MW) combined cycle gas turbine power plant and services related to the gas supply pipeline near Guyana’s capital, Georgetown.
Guyana’s application to the Bank was revealed since April 2023. The country had initially applied for a US$646M loan.
As the government continues to seek more loans from not only the US EXIM Bank, but other lending institutions, stakeholders have raised concerns over the country’s increasing debt burden. The Opposition has warned in the past against the reliance on oil revenue and projected revenue streams from the sector as a means of justifying more loans. This, since a plunge in oil prices can affect the country’s ability to meet debt payments and still fund key development priorities, such as the health and education sectors.
(Agriculture Minister meets with US EXIM Bank Chair to discuss ‘collaboration’)
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