Guyana: US$150 million MOU with Saudi Fund

CMC – Guyana has signed a US$150 million memorandum of understanding (MOU) with the Saudi Fund for Development for infrastructural works to be done in Guyana, according to a government statement issued here on Friday.

The statement by the Ministry of Finance said that Senior Finance Minister Dr. Ashni Singh signed the MOU with the chief executive officer of the Saudi Fund for Development,  Sultan A. AlMarshad,” regarding the Saudi Fund’s participation in the financing of development projects in Guyana.”

It explained that the projects are infrastructural development works for the housing sector and the construction of the Wismar Bridge, both projects totalling US$150 million.

It said that the MOU was signed on the sidelines of the 2023 Islamic Development Bank (IsDB) Group’s annual meeting taking place in Saudi Arabia.

Singh, who is leading Guyana’s delegation to the meeting “thanked the Saudi Arabia government for its invaluable cooperation and partnership in Guyana’s development”.

The statement said that as Guyana continues its “aggressive drive to transform the country’s landscape, this transformation is particularly visible in the area of transport infrastructure”.

It said work has advanced on several key projects including the new US$261 million High Span Bridge across the Demerara River, the US$190 million Linden to Mabura Road, and a bridge across the Corentyne River.

The Irfaan Ali government in its 2023-24 national budget has allocated GUY$136.1 billion (One Guyana dollar=US$0.004 cents) for the enhancement of the roads and bridges network across the country, the statement said, adding that the government has allocated GUY$54.5 billion for housing development in new and existing areas.

The Saudi Fund for Development finances development projects in developing countries by granting them the necessary loans, technical aids necessary for financing studies and institutional support, the statement said.