GPL to tap US$20M loan from Islamic bank for system upgrades

The Guyana Power and Light Company Incorporated (GPL) has received approval for a US$20 million loan from the Islamic Development Bank (IsDB) and will use it to begin a planned upgrade project, which will see a Jamaican electrical engineer being brought in to overlook its execution.

The loan is only one of several that the utility company has been looking to secure as it sets out to meet the US$110 million needed for upgrades that would reduce power outages.

Government, sources say, is also working with the Inter-American Development Bank (IDB) and is close to securing US$5 million, which will be put towards another GPL upgrade project…..