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President Irfaan Ali on Sunday hosted a virtual meeting with the President of the Islamic Development Bank (IsDB), Dr. Bandar Hajjar.
During the interaction, President Ali and Dr. Hajjar discussed financing solar energy, agriculture, infrastructure, SME’s and containing the spread of the novel coronavirus (COVID-19). Guyana became a member of the IsDB in 2017.
Back in September 2018 the David Granger administration signed an agreement in Jeddah, Kingdom of Suadi Arabia regarding support for the improvement of the country’s power supply through the Guyana Power and Light Incorporated (GPL Inc.). The loan agreement signed by then Minister of Finance Winston Jordan and the Islamic Development Bank’s (IsDB) Vice President of Sector Operations Mansur Muhtar is to the tune of GYD$4.2B (US$20M)
Commenting on the loan Jordan had said: “It cemented our growing relationship and the proactive use of the indicative resource envelope for Guyana… [the loan agreement] incorporates necessary reforms and upgrades to reduce losses, and improve the quality and reliability of electricity supply and will, at the same time help to transform Guyana’s infrastructural landscape, boost our manufacturing sector and improve the quality of life of our citizens.”
He added that “the United Nations 2030 Agenda espouses aspirations for human dignity. Undoubtedly, the objective is ‘to leave no one behind’. This laudable objective is in keeping with the principles of the Islamic Development Bank. It is also the cornerstone of my government’s approach to development. This, is perhaps, why we have been able to establish such a close working relationship, in such a short period.”
Adding that the agreement could not have come at a more opportune time, the then Finance Minister said: “This was especially since, Guyana is on the cusp of a historic transformation with the cent discovery of over 4B barrels of oil.”
During the period 27-29 November 2017, the Islamic Development Bank’s (IsDB) mounted a mission to Guyana to develop a medium-term work plan for the period 2018-2022. That plan outlines a pipeline of projects that the bank can support. The IsDB has a resource envelope of over $188B (US$900M) that is potentially available from which the government can source. The potential areas of collaboration between the IsDB and the Government of Guyana cover several development sectors including agriculture, banking and finance, human development, energy and rural development.
