Guyana likely to sign agreement for infrastructural development with European Investment Bank in 2017

The visiting team from the European Investment Bank (EIB) has deemed the business climate in Guyana as welcoming to investors.

Updating the media on Friday, September 16 at the Marriott Hotel, Vice President of the Bank, Pim Van Ballekom said following discussions with the Government there may be possible investments for the rehabilitation of the harbour linking Port Georgetown to Brazil, the Amaila Hydropwer Project and the Linden-Lethem Road, which also leads to Brazil.

The Vice President disclosed that the EIB does not finance 100 percent of the projects, therefore additional funding would be needed from another financial institution.

Van Ballekom told the media that he is expected to return to Guyana next year to sign the first agreement; however, he said this is dependent on his team’s appraisal to determine the feasibility of any investment here.

He expressed eagerness to re engage with the Private Sector, with specific reference to the Commercial banks. The bank’s last engagement was in 2000, but the Vice President debunked suggestions that the recent oil find and change in political leadership is responsible for the renewed interest.

On the other hand, Van Ballekom informed that the bank received correspondence from the Finance Minister requesting to meet with officials and the EIB responded favourably.

He lauded the coordination among the various government agencies, since this, he highlighted is critical to collaboration.

The Vice President hailed the EIB as the largest financial institutions in the world with low interest rates.