– Guyana and the US commit to advance energy cooperation
GEORGETOWN, Guyana, (DPI) – Guyana’s economic landscape is expanding to include a broader spectrum of industries and opportunities, president Dr Mohamed Irfaan Ali, announced during an interview on The Swift Hour, a programme hosted by Concordia co-founder, president and CEO Matthew Swift.
Recognising the role of the United States and China as key contributors to Guyana’s economic growth, president Ali added that now, a more diversified portfolio of companies are in play, and noted that historically, China’s influence dominated the region, partly due to limited competition from other countries.
“Today, Chinese financing is not as expansive as it used to be. [For] most of our major infrastructure…We have Chinese companies operating construction companies… but the gas-to-shore project is being done by an American consortium. The first phase of the road to Brazil, a Brazilian company,” he explained.
Additionally, a series of new hospitals are under construction across the country, two of which have been undertaken by an Austrian firm.
The company, Vamed Engineering, is constructing the new US$161 million hospital at New Amsterdam, Region Six, and the child and maternal hospital which would be located at Goedverwagting, East Coast Demerara.
Earlier this year, the government also turned the sod for a US$300 million Georgetown Seafront Resort and Convention Centre, which Qatari company Assets Group Inc will develop.
“So, this is where there’s a shift that is taking place. If you look at our investment portfolio and finance availability portfolio today, we have more than 2.5 billion pounds made available by the UKF. We have a sovereign loan approval from the Canadians,” the head of state pointed out.
He also pointed to Guyana’s US$2 billion Memorandum of Understanding with the United States EXIM Bank, and the Saudi Fund for Development.
“We have India, who just approved a $100 million special loan program for us. That’s such a diversified set of opportunities globally. And there are new opportunities that are coming up around the world. And if you check our portfolio, we have maybe the most diversified portfolio now of companies for the first time,” he asserted.
Dr Ali commended the massive investments China has injected into Guyana’s economy, which have aided in positioning Guyana as a prolific investment hub.
“Now we have, for example, for the first time, major trade missions from the UK Embassy in Guyana, the High Commission in Guyana, the US. Embassy in Guyana, the Canadians. So, everyone now is pushing ahead based on the opportunities,” the president said.
President Ali added that increased competition will stimulate innovation, efficiency, and investment, creating a more dynamic economy with greater opportunities.
Meanwhile, Guyana and the US commit to advance energy cooperation.
Foreign secretary Robert Persaud met with principal deputy assistant secretary of the Bureau of Energy Resources of the United States Department of State, Laura Lochman on the margins of the Jolla Energy Conference on 16 October 2024 in La Jolla, San Diego.
The two sides discussed matters related to energy transition and the need to build sustainable energy systems. They reaffirmed the commitment of their respective governments to advance energy cooperation at the bilateral level and to boost efforts aimed at achieving energy security in the region.
In this regard, foreign secretary Persaud acknowledged the key role of the United States in the implementation of the US-Caribbean Partnership to address the Climate Crisis 2030 (PACC 2030), which aims to facilitate clean energy development and investment.
The foreign secretary participated as keynote speaker in the twenty-third La Jolla Energy Conference entitled “Enlightening path to transformation” which was held on 16-17 October 2024. In his remarks, the foreign secretary provided insights on ongoing efforts in Guyana’s energy transition and environmental sustainability.
