President Bharrat Jagdeo on Wednesday met with a team from the Latin America International Finance Corporation (IFC) to discuss projects in Guyana which it had expressed an interest in financing.
According to a Government Information Agency (GINA) press release the team comprised IFC Latin America and the Caribbean Director, Athul Mehta, Manager of Latin America and the Caribbean Loy Pires and Manager of the English-speaking Caribbean Kirk Ifill. The IFC is the private sector arm of the World Bank.
The IFC said part of its strategy for the region “is assisting in making markets successful, working towards improving the region’s business environment, broadening and deepening the access to finance by persons with small and medium enterprises and encouraging the sustainable development of physical and social infrastructure.” It also intends to seek partnerships with companies and to assist them to compete globally as well as set benchmarks for responsible business practices.
Meanwhile GINA said Jagdeo met with Exxon South America Area Manager Jim Flannery on Tuesday as plans are ongoing in oil exploration in the country. Exxon is one of several international companies that have invested significantly in oil exploration here and Flannery said he is satisfied that Jagdeo has been creating a friendly investment climate which is attracting investors. Recently Jagdeo said he had hoped that Canadian company CGX would do the actual drilling for oil in the Guyana/Suriname basin and that the company would move forward from its seismic stage. The president also urged other companies that have secured other offshore positions to speed up the exploration process as fuel prices continue to soar worldwide.
