In 2017, the Islamic Development Bank (IsDB) fielded a work programme in Guyana for a three year period – commencing 2018- in which financial and technical assistance to the tune of US$900M will be directed into this country’s key development areas, including economic infrastructure, rural development, human development and trade and competitiveness.
This is according to the Minister of Finance, Winston Jordan during his speech at the 43rd Annual Meeting of the IsDB Group in Tunisia.
At the gathering, which included H.E Dr. Bandar .M. H. Hajjar, President of the Islamic Development Bank, Jordan asserted that since its assumption to office, the Coalition Government has “been steadfast in its resolve to ensure growth in the economy.”
As such, he assured that the Government is continuing its focus on providing strategic approaches for the economic wellbeing of Guyana. This includes strengthening national planning, building a robust oil and gas industry, and consolidating the macroeconomic fundamentals, among others.
The Minister posited that Guyana will continue to assess the economic tides and employ timely policy measures to correct imbalances and mitigate negative effects that could stymie growth.
In this regard, the Government, through continued partnership with the IsDB, aims to strengthen its analytical capability to determine the macroeconomic effects of various policies and interventions employed to grow the economy.
“Guyana has recently adopted a Public-Private Partnership (P3) Framework, which we recognize has the potential to expand the resource envelope for public sector investment in a prudent, efficient and effective manner. This Framework provides a structured platform for local and external private sectors to meaningfully engage with Government to achieve economic development,” he said.
Moreover, Jordan noted that with Agriculture being a major contributor to the growth and expansion of the economy, 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.
“This project will support the introduction of innovative rice varieties that are more resilient and will significantly increase rice yields per acre,’ he asserted.
Another critical aspect of human development, according to Jordan, is that of harnessing, caring and paying homage to a nation’s elderly populace.
He noted that in 2017, the minimum standards for elderly residential care facilities were completed and enacted in Guyana.
Concurrently, the Government approached the Bank for its support and assistance to design a project which will modernize and upgrade the facilities of the Palms Geriatric Facility.
This project is expected to procure equipment and furniture. It will also result in the provision of enhanced medical care.
