On Friday, Finance Minister Dr Ashni Singh and Chinese Ambassador to Guyana Zhang Limin, signed an agreement under which the People’s Republic of China will provide $998M for bilateral cooperation projects which are still to be agreed.
The deal was reported by the Government Information Agency on Saturday and the media was not invited to witness it.
China has in the past sealed end-of-the year pacts with the government here without defining what the projects relate to. Sources say that the money that flows in assists the government with pressing financial needs as the year ends.
GINA said that under the Technical Co-operation Agreement, China will provide RMB¥30,000,000 ($998M) for the implementation of bilateral co-operation projects to be agreed upon by the two Governments.
GINA noted that in March of this year, a Technical Co-operation Agreement valued at RMB¥30,000,000 was also signed to finance development projects.
In November 2012, the two government also signed a Concessional Loan Agreement valued at RMB¥825,000,000 (equivalent to US$130,000,000) for the Cheddi Jagan International Airport, Timehri Expansion Project.