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.
