Islamic bank approves US$20M loan for GPL upgrades

Minister of Finance Winston Jordan will on September 19th sign an agreement in Saudi Arabia with the Islamic Development Bank (IsDB) for a loan of US$20 million for the Guyana Power and Light (GPL), which is expected to fund a “comprehensive turnaround” of the company’s electricity distribution.

The loan is the first sum to be disbursed from the resource envelope of US$900 million that was extended to Guyana by the IsDB in 2017. 

In a statement confirming the approval of the loan, the Ministry of Finance noted that Guyana has already benefitted from two grants from the Bank, totaling more than US$500,000…..

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