Finance Minister, Saudi Fund sign US$150M agreement to finance housing sector, Wismar Bridge projects

See below full press release issued by the Ministry of Finance:

Senior Finance Minister Dr. Ashni Singh, on behalf of Government and Chief Executive Officer (CEO) of the Saudi Fund for Development Mr. Sultan A. AlMarshad today signed a Memorandum of Understanding (MOU) regarding the Saudi Fund’s Participation in the Financing of Development Projects in Guyana.

The projects for which the MOU was signed are infrastructural development works for the Housing Sector and Construction of the Wismar Bridge, both projects totalling US$150 Million.   The MOU was signed on the sidelines of the 2023 Islamic Development Bank (IsDB) Group’s Annual Meetings currently underway in Saudi Arabia. Dr. Singh is leading Guyana’s delegation attending the meetings.

During the signing Dr. Singh on behalf of Government, thanked the Government of the Kingdom of Saudi Arabia for its invaluable cooperation and partnership in Guyana’s development.

As the Government of Guyana continues its aggressive drive to transform the country’s landscape, this transformation is particularly visible in the area of transport infrastructure. Work has advanced on several key projects including the new US$261 Million High Span Bridge across the Demerara River, the US$190 Million Linden to Mabura Road, and a bridge across the Corentyne River. In Budget 2023, $136.1 Billion was allocated for the enhancement of the roads and bridges network across the country.

As regards to Housing and Urban Development, Government has been working assiduously to fulfill its Manifesto promise of providing 10,000 house lots to citizens each year and it has been well on the way of achieving its 50,000 target this term, with over 20,000 delivered in its first two years in office. In Budget 2023, $54.5 Billion was allocated for housing development in new and existing areas.

Yesterday Dr. Singh attended the Opening Ceremony of the 2023 Islamic Development Bank (IsDB) Group Annual Meetings in Jeddah, in the King Abdullah Congress Center. The theme of this year’s annual meeting is “Partnerships to Fend off Crises” and takes place between May 10-13. They comprise delegations from the Group’s 57 Member countries in addition to observers from international and regional organizations who have gathered to discuss development issues and institutional matters.

The Saudi Fund for Development finances development projects in developing countries by granting them the necessary loans, technical aids necessary for financing studies and institutional support.