Jagdeo calls for Public-Private partnerships to increase investments

Opposition Leader, Bharrat Jagdeo is urging the Minister of Business, Dominic Gaskin to develop guidelines and enter into Public-Private partnerships, to increase investments into the economy.

Gaskin during the recently held Heads of Mission Conference at the Pegasus Hotel, noted that potential investors are seeking investment projects that Guyana has to offer, but unfortunately, the country really has none for the time being. He was at the time speaking about the Guyana Office for Investment (Go-Invest).

Speaking at a press conference at his Church Street Office today (Monday, April 10, 2017), Jagdeo says more needs to be done to garner investments.

He noted that since the APNU+AFC administration’s assumption to office, it has failed to deliver on many its manifesto promises including the creation of jobs. “If it’s expanding and creating jobs, it’s a PPP investment that is leading the job creation. The same Giftland Mall started under the PPP, this Mall here (City Mall), the one on the East Bank, under the PPP…No project…this brings me to what Gaskin said, he is absolutely right, and I thank him for being so honest,” Jagdeo said.

He urged the Government to enter into more Public-Private partnerships. “Once you seek out actively a Public-Private partnership, the first thing is the Government will determine the need for financing, e.g., if it decides that a large infrastructure project; it doesn’t have the resources to do this, then the Government will develop the guidelines surrounding that project…each project, different in nature will require different guidelines, so that is why the best way, is the Prospectus is developed like a private company that goes into the capital market,” the Opposition Leader explained, as he alluded to what was done under the Peoples Progressive Party’s administration.

Minister Gaskin also stated at the Heads of Mission meeting that the Government is looking to develop a portfolio of investment projects which Go-Invest can promote to investors.