Norway releases $9.1B final payment for Guyana

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Norway has released an additional G$9.1B to the Guyana REDD+ Investment Fund to be disbursed to Guyana for approved projects.

According to the Ministry of the Presidency, the release of funds was made last Wednesday to the World Bank which issued a confirmation on Monday that the funds have been received.

Head of the Project Management Office of the Ministry of the Presidency, Dr. Marlon Bristol in the statement disclosed that the funds will be used for projects in areas such as renewable energy, ‘green’ tourism, biodiversity, strengthening of indigenous mechanisms, and the European Union- FLEGT Voluntary Partnership Agreement (VPA) Partnership, which is a legally binding trade agreement between the European Union and a timber-producing country outside the EU.

He further noted that Guyana will also enter a new round of talks with the Norwegians to support President David Granger’s Green State Development Strategy (GSDS) and especially those environmental safeguards that can realize a ‘green’ economy.

“These fruitful developments are possible owing to the hard work of several Ministers and especially the Minister of State under whose purview the Guyana REDD+ Investment (GRIF) falls under; other Government agencies, Non-Governmental Organisations (NGOs), Indigenous Peoples’ representation among others. A special thank you as well to you to the Kingdom of Norway. Project development can now move ahead assiduously for the full realization of long-awaited benefits to the Guyanese people. From a slow start and a past of penalty to the tune of USD $15 million before this Government took office, the Guyana Norway Agreement can now boast of satisfactory results,” he said.

according to the Ministry, the transfer has been made possible following a meeting between Minister of State, Mrs. Dawn Hastings-Williams and Norway’s Minister for Climate and Environment, Mr. Ola Elvestuen back in September on the margins of the United Nations Climate Summit in New York.

During that meeting, Norway had agreed to pay over the $393.4 Norwegian Kroner or approximately US$50M of climate funds to Guyana, which authorities said represents the remainder of the pledge made by that country back in 2009.

In accordance with the bilateral agreement between the two countries, the two ministers had agreed that Guyana has met its commitments and therefore Norway would disburse all final payments.

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