By Josiah Williams
The United Kingdom’s Export Finance Agency has greenlit a substantial financial package for Guyana, offering significant opportunities for the local private sector.
This announcement was made during a press conference earlier today by UK Parliamentary Under-Secretary of State for Americas and Caribbean, David Rutley.
Under the new arrangement, the Guyanese government and local private sector gain access to €2.1 billion in financing from the United Kingdom for various projects and business ventures.
According to David Rutley, this allocation nearly triples the previous financing available, enabling a wider range of projects to be funded.
Rutley highlighted the importance of this increased funding in enhancing the UK’s support for business ventures in Guyana, reflecting the UK’s confidence in the government’s stewardship of the economy.
Acknowledging the challenges faced by the local private sector in accessing finance, Rutley noted that the Market Risk Appetite (MRA) in Guyana has been raised from 750 million pounds.
This adjustment aims to address the financing needs of Guyanese businesses.
Finance Minister, Dr. Ashni Singh, expressed the government’s gratitude for the financial package, urging the Guyanese private sector to seize the opportunity to access financing and engage in business with British companies.
He emphasized the competitiveness of the UK Export Finance Agency compared to credit export agencies worldwide.
The relationship between Guyana and the United Kingdom has been characterized by fruitful trade and diplomatic ties, with successful trade missions facilitated in recent years.
The approval of this significant financial package marks a milestone in bilateral cooperation, opening doors for enhanced economic activity and collaboration between Guyana and the United Kingdom.