Guyana stands to access US$900 million from the Islamic Development Bank (IsDB) over the next three years, Finance Minister Winston Jordan has said.
The financing “will be directed to key development areas, including economic infrastructure, rural development, human development and trade and competitiveness,” Jordan said in an address at the 43rd Annual Meeting of the Islamic Development Bank Group in Tunisia.
Guyana became a full member of the IsDB in 2017 and the 2018-2020 work programme was agreed to when a mission from the Bank visited Guyana last December.
This funding is aside from projects already being finalised.
The Finance Minister said the Government has leveraged the inter-locking capacity of the Bank and is currently in an advanced stage of designing a Reverse-Linkage Project with the Malaysia Agricultural Research and Development Institute (MARDI), which will assist in updating Guyana’s expertise and technology in rice production.
“This project will support the introduction of innovative rice varieties that are more resilient and will significantly increase rice yields per acre,” Jordan stated.
Regarding training, Jordan said the government, in partnership with the Bank, has programmed a project to improve national education at the primary and secondary levels.
“This project will embrace the Inquiry-Based Science and Mathematics Education (IBSME) approach.
“It will also make use of UNESCO’s Global Micro-Science Experiments programme and supporting mathematics kits and will lead to the integration of mathematics through science lessons. This effort will raise the level of scientific and mathematical literacy among teachers and students while supporting a learner-centred environment,” the Finance Minister stated.
The IsDB is also supporting Guyana in caring for the elderly.
Jordan noted that in 2017, the minimum standards for elderly residential care facilities were completed and enacted in Guyana and concurrently, the Government approached the Bank for its support and assistance to design a project which will modernize and upgrade the facilities of the Palms Geriatric Facility.
The project is expected to procure equipment and furniture and also result in the provision of enhanced medical care.
“Such a “quick win” project…is welcomed by the Government, not only for its demonstrative socio-economic impact and benefits, but, also, as evidence of the concretizing of the partnership between the Bank and our country,” Jordan stated.
The Finance Minister reaffirmed Guyana’s resolve to further strengthen its cooperation with the Bank and fellow member countries.
“It is quite evident that our joint efforts can go a long way in bringing about socio-economic stability and prosperity in Guyana, which can redound to the benefit of the Latin American and Caribbean Region.
“Guyana remains hopeful for its future and grateful for the Bank’s support.”
