Finance Minister getting support for developmental projects in Guyana

Senior Minister within the Office of the President with responsibility for Finance Dr. Ashni Singh is expected to garner support for developmental projects in Guyana while attending the Islamic Development Bank (IsDB) Group’s Annual Meetings in the Republic of Uzbekistan.

According to a press release from the Ministry of Finance, the Finance Minister is joined by First Secretary and Charge d’Affaires at Guyana’s Embassy in Kuwait, Safraaz Shadood. The meetings are taking place between September 1 and 4.

The ministry said that earlier this month, Guyana applied for financial support from the IsDB for the Hinterland Electrification Programme. Some funding is expected to be used to target the construction and rehabilitation of two small hydropower plants in Lethem Region Nine.

Since August 2020, President Dr. Irfaan Ali discussed financing for a number of sectors with the President of the Islamic Bank Dr. Bandar Hajjar. These include sectors: solar energy, agriculture, infrastructure, small and medium- sized enterprises (SMEs) and health, specifically COVID-19.

Then, in June last, following the unprecedented flooding of several areas in Guyana, the IsDB committed to mobilizing support for the country in terms of critical intervention measures following another meeting between its Hajjar and President Ali. After that meeting, the ministry said that the IsDB President had assured President Ali that the Bank would make all efforts to support Guyana’s rebuilding efforts and enable more resilient infrastructure.

Meanwhile, the finance ministry said that at the bank’s annual meetings, the IsDB’s Boards of Governors and General Assemblies will discuss development, economic and financial issues along with institutional matters.

Guyana became a member of the IsDB in 2016 making it the 57th country and the second from Latin America after Suriname to join the Bank.

The meetings of the Bank would usually attract over 2000 participants and the IsDB has noted that the Annual Meetings offer an ideal platform for decision-makers to discuss challenges and explore IsDB Group member countries’ economic and developmental opportunities.

It was also noted that during the Annual Meetings, participants benefit from various knowledge-sharing and flagship events which feature top-level panelists from governments, international and regional organizations, private sector, academia, and civil society.

Additionally, the Bank pointed out that the knowledge- sharing events programme provides a dynamic platform to discuss economic, financial and development issues of current interest to IsDB Group member countries and their partners, while they also aim to encourage discussions and debates, promote partnerships, cooperation, and exchange experiences.