The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a new Country Strategy with Guyana for 2023 through 2026 and there is an indicative lending pipeline of US$550m.
A release from the Bank yesterday stated that the strategy will be focused on resilient infrastructure, human capital development with an emphasis on improving health and education outcomes and social services and strengthening institutional capacity.
Further, the strategy which has an indicative lending pipeline of US$550 million from the sovereign side of the bank, aims to continue supporting Guyana in its pursuit of sustainable development and inclusive growth within a diversified economy.
There is also an expected increase in private sector activities from IDB Invest, the private sector arm of the IDB Group in keeping with the economy’s growth trajectory and to foster access to longer-term financing for Guyana’s private sector. According to the release, this will strengthen the development of Guyana’s private sector by deepening its links to the booming economy and improving the business climate in non-oil industries through productivity-enhancing, resilient infrastructure and a better equipped labour force.
The IDB pointed out that this new strategy puts people at the centre, and reflects the government’s commitment to improve the well-being of the Guyanese population hand in hand with the economic growth. Through these areas of support, the Bank hopes to further contribute to Guyana’s economic transformation supporting more investment and employment, and ultimately improving standards of living across the country.
According to IDB Guyana representative, Lorena Solorzano Salazar, “It is a unique, once-in-a-lifetime opportunity to witness Guyana’s current resource boom.” He added, “It gives momentum to innovative and sustainable solutions that can help improve the quality of public and social services and, ultimately, people’s lives.”
Climate change, environmental sustainability and strengthening gender and diversity are cross-cutting themes of the strategy. It will also provide support to Guyana on implementing its Low Carbon Development Strategy and meeting its decarbonization objectives.
“As a long-standing development partner to Guyana, at the IDB Group we remain committed to deepening our collaboration and ensuring our interventions are meaningful and impactful,” Solorzano Salazar noted.
Moreover, Guyana will leverage resources from other facilities like the IDB Group’s Amazonia Forever Program and the forthcoming Program for the Caribbean to strengthen Guyana’s actions in areas such as regional integration, food security, and climate change among others.
The Country Strategy is the result of an inclusive process of sustained dialogue and engagement with the Government of Guyana and consultation with a wide cross-section of civil society stakeholders, the release added.
