Guyana SFD To Sign Major Agreements For Infrastructural Development

(MENAFN- Caribbean News Global)

– The Infrastructure Development Works for the Housing Sector Project and the Construction of the Wismar Bridge Project. (To be signed Monday, June 5, 2023.)

GEORGETOWN, Guyana, (DPI) – His Excellency president Mohamed Irfaan Ali hosted a breakfast meeting, Sunday for visiting Saudi Fund for Development's Chief Executive Officer (CEO) His Excellency Sultan A. Al-Marshad and team at State House.

The Saudi team arrived in Guyana on Saturday on a three-day visit; and will sign two major loan agreements with the government of Guyana, namely the Infrastructure Development Works for the Housing Sector Project and the Construction of the Wismar Bridge Project.

These agreements are to be signed Monday, June 5, 2023. This is a follow-up to the May 12 signing of a Memorandum of Understanding (MOU) between the finance minister on behalf of the government and the Saudi Fund for Development – regarding the Saudi Fund's Participation in the financing of development projects totalling US$150 million.

The MOU was signed on the sidelines of the 2023 Islamic Development Bank (IsDB) Group's Annual Meetings in Saudi Arabia. Senior minister in the office of the president with responsibility for finance, Dr Ashni Singh led Guyana's delegation at those meetings.

The government of Guyana has been continuing its aggressive drive to transform the country's landscape and this transformation is particularly visible in the area of transport infrastructure.

Saudi Fund and Government of Guyana delegations

Work has advanced on several key projects including the new US$261 million High Span Bridge across the Demerara River, the US$190 million Linden to Mabura Road, and a bridge across the Corentyne River.

In budget 2023, $136.1 billion was allocated for the enhancement of the roads and bridges network across the country.

With regards to housing and urban development, government has been working assiduously to fulfil its manifesto promise of providing 10,000 house lots to citizens each year and it has been well on the way to achieving its 50,000 target this term, with over 20,000 delivered in its first two years in office.

In budget 2023, $54.5 billion was allocated for housing development in new and existing areas.

The Saudi Fund for Development finances development projects in developing countries by granting them loans, the technical aid necessary for financing studies and institutional support.


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