UK ‘confident’ in management of Guyana’s economy, increases funds for gov’t, private sector

With confidence in the current management of the Guyanese economy, the United Kingdom (UK) has increased the amount of designated funds available for the government and private sector to tap into.

The UK Minister for the Americas, Caribbean and Overseas Territories, David Rutley announced on Tuesday that the UK’s export credit agency Market Risk Appetite (MRA) for Guyana has been hiked to 2.1 billion pounds.

This figure was previously 750 million pounds.

“…This effectively increases the ability of businesses to access finance for projects,” Mr. Rutley told reporters during an event at the Bel Air residence of the British High Commissioner in Guyana.

UKEF – the export credit agency – helps overseas buyers get access to financial support needed to procure from the UK. Mr. Rutley also said that tapping into UKEF’s support allows finance-seekers to unlock the potential of the UK supply chain, thereby making their bids more competitive.

For Guyana, it means the government can access long-term financing for national priorities, be it infrastructure or education projects. The private sector can also tap into the available funding.

“It is my hope that with this increased risk appetite, it can provide an opportunity to identify and finance future projects vital to Guyana’s development,” Mr. Rutley said.

And the UK Minister explained that the decision to raise the ceiling stems from the country’s confidence in the Guyanese economy.

“It is also a reflection of the confidence that the UK has in the stewardship of the economy of Guyana,” he related to the gathering of government officials, private sector players and members of the local media.

Guyana’s Finance Minister Dr. Ashni Singh said the change in the aggregate financing ceiling is no simple venture.

“That represents a very clear signal of the UK’s confidence in Guyana as a destination for British companies to invest in and a place for British companies to do business with,” Dr. Singh said.

The Finance Minister also explained that a pool of “potentially loanable funds” is now available to the Guyanese government and private sector. And he backed the UKEF’s credit facility as one that is particularly competitive.