Guyana, Saudi Arabia sign US$150m financing MoU
Senior Finance Minister Dr. Ashni Singh, on behalf of the Guyana Government, and Chief Executive Officer (CEO) of the Saudi Fund for Development Sultan A. AlMarshad yesterday signed a Memorandum of Understanding (MOU) regarding the Saudi Fund’s Participation in the Financing of Development Projects in Guyana.
A release from the Ministry of Finance said that 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 release said that 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.
During the signing, Dr. Singh thanked the Government of the Kingdom of Saudi Arabia for its cooperation and partnership in Guyana’s development.
On Thursday, 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”. It ends today. The meeting comprises 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 projects in developing countries by granting them the necessary loans, technical aid necessary for financing studies and institutional support.