US Bank teams up with Citizens Bank; signals confidence in economy – Harmon

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The recent move by the Mellon National Bank in the United States of America (USA) to partner with the indigenous Citizens Bank is described by State Minister, Joseph Harmon as a sure sign of the confidence reposed in Guyana’s investment climate.

Minister Harmon spoke at the official opening of the Banks DIH new vehicle workshop, where  he noted that this is happening at a time when the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) are taking steps aimed at curbing and reducing relations between international banks and those in the region.

He noted further that “when out of all of that, we can actually step out of the blacklist, the grey list, the whitelist and whatever other lists that exist, I believe Guyana is on the right path of development.”

The State Minister deemed this step as “a vote of confidence” since Mellon Bank is one of the largest banks operating in the United States and the fact that relations are established with Guyana demonstrates that the country is moving in the right direction.

It is this same confidence, Minister Harmon said has motivated American Airlines to announce the commencement of flights from the US to Guyana from December 2018.

Meanwhile, Minister Harmon said the investment by Banks DIH in the establishment of a wastewater treatment plant and a waste plastic treatment facility at the new vehicle workshop, is another sign of its confidence in the investment climate of Guyana.

Banks DIH Waste Water Treatment Plant.

“While some sections of our population complain about this and complain about that, I am happy to know that the majority of our private sector is out there doing things and taking advantage of these glorious opportunities which now present themselves,” the minister said.

He expressed confidence that the collaboration between the private sector and the Government of Guyana will take the country further along its development trajectory.

Co-Managing Director, Banks DIH, George McDonald noted that the establishment of the wastewater treatment plant is a requirement of the Coca-Cola company, which stipulates that all wastewater of manufacturers be treated before being released into the waterways so that there is no damage to the natural flora and fauna.

In proximity is a public waste plastic treatment facility, the collection, and treatment point for the company’s waste plastic generated from PET containers and decommissioned beverage cases.

The plastics are chipped, crushed and shipped to recycling plants overseas and according to McDonald is an effort to prevent the negative impacts of these products on the environment. (Extracted and modified from Department of Public Information)

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