Guyana to receive £ 53.2M from UK

(from left to right) Finance Minister Winston Jordan, Infrastructure Minister David Patterson, British High Commissioner to Guyana Greg Quinn and other representatives of the UK delegation

The Government of Guyana is set to benefit from £ 53.2 million (close to 16 billion Guyana dollars) in grant resources from the United Kingdom (UK).

This grant falls under the UK’s newly established United Kingdom Caribbean Infrastructure Fund (UKCIF) through the Caribbean Development Bank (CDB).

The Ministry of Finance, in a recent statement said the money will be invested in the improvement of its road networks, bridges, stellings and waterfronts, the rehabilitation of airstrips, reliable access to potable water and reduced energy costs. The government will also allocate a sum to tackle the environmental and health risks associated with the improper disposal of waste.

The government said the projects identified are part of its 2016 Budget interventions.
Under the UKCIF, the United Kingdom will provide grant funding to improve or create new infrastructure to help drive economic growth and development in nine countries across the Caribbean region.

Recently, a meeting with Finance Minister Winston Jordan, Infrastructure Minister David Patterson and Minister of Communities Ronald Bulkan was convened with British High Commissioner Greg Quinn and representatives of the CDB and the Department for International Fund (DFID) to discuss Guyana’s proposed infrastructural projects.

The Ministry said a team from the CDB is expected to visit Guyana shortly, to discuss the start of project preparation activities, with the relevant sectoral agencies. The CDB has been designated by the UK government to design, develop and implement the programme in collaboration with Guyana’s government.

Meanwhile, other countries in the region will also be beneficiaries of the £300M Fund. The launch of the funding was announced in 2015 by UK Prime Minister David Cameron during his trip to Jamaica. It was ratified by the CDB Board of Directors on March 09, 2015. The grant financing covers from January 2016 to March 2020. It was noted that the funding will be used to revisit essential large scale projects that have had to be shelved due to constraints of fiscal space and severe indebtedness of many countries in the region to the CDB.