Under fire over its $3 billion loan to the Central Housing and Planning Authority (CH&PA), the Guyana Geology and Mines Commission (GGMC) yesterday argued that the disbursement is permissible under the law, while pointing out that it has provided billions in financial assistance in various areas in recent years.
In a statement, the GGMC also said it saw the loan as an investment and it cited the rate of interest of 5% on the loan as being 3.2% higher than commercial banks, while ignoring the fact that the additional interest expense would have to be footed by taxpayers anyway.
Opposition leader David Granger has said the loan is a misuse of state funds and has promised that the
