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Guyana: “Islamic Bank in US$900M aid package for Guyana”

GUYANA is in line to receive US$900M from the Islamic Development Bank (IsDB) to facilitate a three-year programme targeting key development areas in the country, including economic infrastructure, rural development, human development and trade and competitiveness, Finance Minister Winston Jordan has said.

In his address to the 43rd Annual Meeting of the Islamic Development Bank Group in Tunisia, Jordan explained that the IsDB fielded a programming mission in December 2017 where a work programme spanning three years–2018-2020–was formalised. He said approximately US $900M has been set aside to provide financing and technical assistance in key development areas such as economic infrastructure, rural development, human development and trade and competitiveness.

“It is quite evident that our joint efforts can go a long way in bringing about socio-economic stability and prosperity in Guyana, which can redound to the benefit of the Latin American and Caribbean Region. Guyana remains hopeful for its future and grateful for the Bank’s support,” Minister Jordan said.

While taking stock of the progress made by the A Partnership for National Unity + Alliance for Change (APNU+AFC) Government since taking office in May, 2015, the Finance Minister spoke of the assistance that is already being provided by the IsDB. “Agriculture continues to be a major contributor to growth and expansion in our economy. In this regard, the Government has leveraged the inter-locking capacity of the Bank, and is currently in an advanced stage of designing a Reverse-Linkage Project with the Malaysia Agricultural Research and Development Institute (MARDI), which will assist in updating Guyana’s expertise and technology in rice production,” the Finance Minister pointed out.
According to him, the project will support the introduction of innovative rice varieties that are more resilient and also will significantly increase rice yields per acre.
Minister Jordan said with the IsDB’s continued support as a financing mechanism and provider of technical expertise, Guyana is optimistic about the growth of its non-traditional agricultural sector that is in line to benefit from new technologies and supporting infrastructure.

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