A four-lane bridge at Wismar, Linden and infrastructure for 2,500 housing units are to be financed by two loans for a total of US$150m signed yesterday in Georgetown between the Guyana Government and the Saudi Fund for Development (SFD).
Minister of Finance Dr Ashni Singh signed the pacts with SFD Chief Executive Officer, Sultan Al-Marshad. The terms of the loans were not disclosed in the press release issued yesterday by the Ministry of Finance.
The first loan agreement, worth US$100 million aims to respond to the growing population demands by developing the infrastructure to provide about 2,500 housing units across three different regions in Guyana, the ministry said. Additionally, the project includes paving the main and secondary roads, establishing water, sewerage and electricity networks, drilling wells for each of the project areas, and the construction of social facilities serving multiple benefits. The release said that it will not only address the current housing shortage and improve living conditions, but also stimulate the local economy through direct and indirect job opportunities in the housing sectors.
