Vice President Dr. Bharrat Jagdeo has responded to efforts aimed at blocking the US EXIM Bank’s funding for the Gas-to-Energy project in Guyana.
The country had sought a US$646 million loan from the US EXIM Bank to finance the project, which involves constructing an integrated natural gas liquid plant.
International lawyer and activist Melinda Janki urged the bank to withhold funding for the project, leading to Vice President Jagdeo’s comments.
In a news conference, Dr. Jagdeo expressed his disappointment with those opposing the transformative initiative, stating that they are “hopelessly misguided” and do not care about the potential benefits it could bring to the people of Guyana.
He suggested that the individuals opposing the project may be financed by groups that prefer to keep the developing world underdeveloped and lack the capacity to take on larger countries on such issues.
The Gas-to-Energy project, estimated to be a multibillion-dollar initiative, aims to reduce electricity costs by at least 50 percent, leading to substantial cuts in fuel prices and electricity output by producing companies.
The project also anticipates lowering the gas price in the LPG market, resulting in significant savings for households.
Vice President Jagdeo emphasized the economic benefits of the project, including its potential to contribute to the reduction of household expenses and stimulate economic growth.
Despite the opposition, the government remains committed to pursuing the Gas-to-Energy project as part of Guyana’s broader development plans.