President Irfaan Ali has requested the reprogramming of previously approved Islamic Development Bank (IsDB) funds and the programming of new resources to help Guyana strengthen its capacity to respond to any future extreme climatic events and to build more resilient infrastructure.
This was disclosed yesterday by Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh at the 2021 Islamic Development Bank (IsDB) Group’s Annual Meetings in Tashkent, Uzbekistan.
According to a release from the Ministry of Finance on his presentation, discussions are ongoing with the Bank on this request for reprogramming as Government aims to garner the required support while also ensuring that this it is delivered “in the shortest possible time”.
Singh told the meeting in the Central Asian country that Guyana is engaged in discussions with the Bank on several transformative projects, aimed at bolstering resilience and harnessing its untapped economic potential, particularly in the non-oil sector.
“We have already initiated discussions on many projects in the transport infrastructure sector with the Bank, including farm-to-market roads, which will open new arable land. Here again, timely conclusion of these discussions will help accelerate realisation of the outcomes targeted by these critical interventions,” Singh stated.
“As one of the world’s newest oil producers, with the potential to become a significant supplier on the global scale, Guyana is poised for a dramatic structural shift in our economy. We intend to seize this moment to leapfrog the growing pains that new oil and gas producers suffer all too often, including by ensuring that we achieve and maintain a globally competitive non-oil economy from the very outset,” he stated.
He emphasised that the local private sector will play a key role in the realization of the country’s transformation.
“While Government will maintain a supportive environment and will invest in supportive infrastructure, the bulk of the economic growth will be driven by private investment and Guyana abounds with opportunity today for the private sector. In this regard, the Islamic Corporation for the Development of the Private Sector (ICD), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and International Islamic Trade Finance Corporation (ITFC) all have important mandates. We look forward to these private sector-oriented entities within the IsDB Group playing a demonstrably bigger role in Guyana, and indeed in all other member countries, in the immediate future”, Singh said.
The IsDB meeting are expected to conclude today.
In June this year, President Ali held discussions with the former President of the IsDB, Dr Bandar Hajjar and his team concerning the Bank’s support and assistance in the wake of the floods across Guyana at that point.
At the meeting which was held virtually, Ali raised the need for aid to farmers to restore their productive capacity, as well as support for drainage and irrigation initiatives, and further strengthening of the national drainage system. Discussions also centred on assistance for the affected hinterland and riverine communities which depend predominantly on the mining and forestry sectors.
According to the release, other critical interventions identified were the restoration of river dams, hinterland roads and bridges, many of which were destroyed and remain submerged.
