IsDB rolling out US$900m plan for Guyana
The Islamic Development Bank (IsDB) has committed to providing, Guyana with US$900 million in loans and grants over the next three years.
Finance Minister, Winston Jordan, speaking at the 43rd Annual Meeting of the IsDB group stated that a work programme for the three-year period, 20182020 has been formalized between Guyana and the Bank. The work plan formalized during a programming mission, in December 2017, will offer Guyana “financing and technical assistance, of about US$900 million, [which] will be directed to key development areas, including economic infrastructure, rural development, human development and trade and competitiveness” he explained.
Jordan noted that the meeting in Tunisia is the third he has addressed since Guyana’s induction into the Bank’s fraternity in 2016 and stressed that his Government continues to be proactive in the promotion of non-traditional agricultural products, new technologies and supporting infrastructure, with the ultimate goal of enhancing national production and productivity.
According to the Minister, Government is very enthusiastic about the full realization of its development agenda through its growing engagement with the IsDB.
He explained that Guyana has recently adopted a Public-Private Part-nership (P3) Framework, which has the potential to expand the resource envelope for public sector investment in a prudent, efficient and effective manner.
“This Framework provides a structured platform for local and external private sectors to meaningfully engage with Government to achieve economic development,” Jordan said.
He further noted that since agriculture continues to be a major contributor to growth and expansion in the local economy Govern-ment has leveraged the interlocking capacity of the Bank, and is currently in an advanced stage of designing a Reverse-Linkage Project with the Malaysia Agricultural Research and Develop-ment Institute (MARDI).
“This project which will assist in updating Guyana’s expertise and technology in rice production will support the introduction of innovative rice varieties that are more resilient and will significantly increase rice yields per acre,” he said.
The Minister had announced during the presentation of Budget 2018 that this project is expected to cost US$863,000.
Other projects financed by the IsDB target such areas as National education at the primary and secondary levels and elder care.
Government, Jordan explained, will embrace the Inquiry Based Science and Mathematics Educa-tion (IBSME) approach while making use of UNESCO’s Global MicroScience Experiments programme and supporting mathematics kits. It is expected that this project will lead to the integration of mathematics through science lessons an effort which is expected to raise the level of scientific and mathematical literacy among teachers and students while supporting a learner-centred environment.
Another area of cooperation is in the rehabilitation of the Palms Geriatric Facility. Jordan said that in 2017 when the minimum standards for elderly residential care facilities were completed and enacted Government approached the Bank for its support and assistance to design a project which will modernize and upgrade the facilities of the Palms Geriatric Facility.
“The project is expected to procure equipment and furniture and result in the provision of enhanced medical care,” he explained referring to the rehabilitation as a “quick win” project which is welcomed by the Government, not only for its demonstrative socio-economic impact and benefits, but, also, as evidence of the concretizing of the partnership between the Bank and the country.
Other projects which have been proposed by the Government for IsDB funding include the construction of the Guyana-Brazil Road. Assistance to the housing sector was also discussed.