Guyana and China are to sign a concessional loan agreement today, according to the Ministry of Foreign Affairs.
The announcement, which was made by the Ministry of Foreign Affairs, coincided with the scheduled arrival in the country of State Councilor and Minister of Foreign Affairs of the People’s Republic of China Minister Wang Yi.
A statement from the Ministry of Foreign Affairs said Vice President and Minister of Foreign Affairs Carl Greenidge and Yi are to sign two agreements: the “Framework Agreement Provision of a Concessional Loan between the Government of the Co-operative Republic of Guyana and the Government of the People’s Republic of China” and “The Agreement on Economic and Technical Cooperation between the Government of the Co-operative Republic of Guyana and Government of the People’s Republic of China.”
The size of the loan from China, its terms and its purpose will be closely watched amidst growing international concerns that the acceptance of loans from Beijing could leave some countries vulnerable to defaulting and loss of assets.
The terms of the proposed economic and technical cooperation agreement will also be closely watched in light of Guyana’s developing oil and gas economy.
The statement said a handover ceremony will also be held to mark China’s contribution to support the hosting by Guyana of the Seventeenth Session of the Committee for the Review and Implementation of the Convention (CRIC 17) of the United Nations Convention to Combat Desertification (UNCCD), which is scheduled to take place early next year in Georgetown.
The ministry previously said the Chinese Foreign Minister is scheduled to meet with President David Granger and Greenidge to exchange views on bilateral cooperation and to discuss areas of mutual interest.
