The Government of Guyana on Friday received a US$20 million loan from the World Bank to support capacity building for Petroleum Resources Governance and Manage-ment.
A release yesterday from the Ministry of Finance stated that government, recognizing the risks associated with being a new oil and gas producer, negotiated the loan to address governance and management risks from inadequate policy, legal and regulatory frameworks and institutional capacity. The loan was approved on Friday.
It was stated that the components of the loan reflect the reality that the oil and gas sector will affect multiple layers of the economy and impact the livelihoods of present and future generations, the environment and local communities. If the sector is poorly managed, it was noted, this can have costly economic and social impacts for the country.
