Chinese Bank loan for expansion of East Coast Railway embankment project presented to Nat’l Assembly

Minister of Parliamentary Affairs and Governance Gail Teixeira on behalf of Senior Finance Minister Dr. Ashni Singh on Monday (in the National Assembly) presented the Concessional Loan Agreement between the Government of Guyana and the Export-Import Bank of China for the amount of Renminbi Yuan 1,384,580,867.13 or US$192 Million to finance the East Coast Demerara Road Project Phase 2.

It can be recalled that on December 30 last Dr. Singh and Her Excellency Guo Haiyan, Ambassador of the People’s Republic of China to Guyana signed the Framework Concessional Loan Agreement to finance Phase 2 of the project which will include extension of the Railway Embankment Road into four lanes from Sheriff Street to Orange Nassau, extension of the main East Coast Roadway from Orange Nassau to Mahaica as well as rehabilitation of the existing East Coast Demerara road from Belfield to Orange Nassau to allow for additional lanes.

This Phase will also see the construction of 48 bridges and 22 culverts and another Bridge across the Hope Canal. Phase I of the project was done during the previous term of the People’s Progressive Party /Civic Government (PPP/C) and included the extension of the East Coast main road. The project is a major intervention in the road network along the East Coast corridor and is expected to create greater accessibility as well as the furtherance of industrialization and job-creation for people on the East Coast corridor.

During that signing ceremony, the finance minister had noted that the project will also allow for an ease of traffic congestion and decrease in commute time along with a ramping up of economic activity and development under the stewardship of the People’s progressive Party/Civic (PPP/C) Government.

“We take very seriously the obligation to expand our road network. We have seen already parallel bypass roads constructed on the East Bank. Today you can drive from Sheriff Street to Diamond without ever touching the traditional East Bank road as we know,” Dr. Singh had emphasized then.

He added that Government is building an Ogle to Diamond Road so that there will be multiple roads, pointing out that Government is not only addressing the EBD, but also the ECD as Government continues building out to provide an additional artery for travel between the East Coast and the East Bank which ultimately form an important part of Government’s transport infrastructure modernization plans. (Ministry of Finance press release)