Finance Minister Winston Jordan on Monday signed two loan agreements with the Inter-American Development Bank (IDB) to the tune of US$31.1 million.
The loans are earmarked for the establishment of an Electronic Single Window for Trade and the Energy Matrix Diversification and Institutional Strengthening of the Department of Energy.
The projects will be executed by the Business Ministry; the Guyana Energy Agency (GEA) and the Guyana Power and Light (GPL) Inc respectively. The loans were signed on the sidelines of the eighth Annual Caribbean Governors’ Meeting of the IDB.
The Ministry said that exporters, importers, agencies and businesses involved in the importation and exportation of goods can look forward to significant improvement in the ease of doing business with the establishment of an Electronic Single Window. The identified benefits include reduced transaction costs, data requirements and documents, and simplified trade processes through enhanced inter-agency collaboration which together will align Guyana with international best practices.
“Meanwhile, the Energy Matrix Diversification and Strengthening of the Department of Energy project will realise investments in newer and more sustainable energy solutions for hinterland communities, improve the reliability and stability of the Demerara-Berbice Interconnected System and help the Department of Energy to develop a regulatory framework, improve its capacity and governance of the oil and gas sector,” the Ministry said in a statement.
Guyana’s total public debt to Gross Domestic Product (GDP) was increased from 45.7 per cent in 2016 to 46.2 per cent in 2017, according to the Public Debt Annual Report of 2017.
