-Guyana/Barbados Investment Fund to also be launched

Within one week, the government will launch a special diaspora bond aimed at raising funds from overseas-based Guyanese for investment in major public infrastructure projects across the country.

President Dr. Mohamed Irfaan Ali made the announcement during a press conference on Tuesday, on the occasion of Guyana’s Diamond Jubilee. He said the initiative is another avenue for Guyanese abroad to directly contribute to the country’s ongoing transformation.

“Today, I want to announce that the Government of Guyana will launch a special bond, a diaspora bond, to raise funds from the diaspora for investment in public infrastructure projects in Guyana,” the President said.

According to President Ali, the initiative is expected to be rolled out within the next week as the administration seeks to deepen diaspora participation in national development efforts.

The Head of State said the bond will allow overseas Guyanese to play a more active role in supporting infrastructure expansion and modernization projects taking place throughout the country.

“So, members of the diaspora, here is your opportunity to make your contribution and to be part of the massive transformation taking place in our country,” President Ali added.

Additionally, stemming from Barbados’ Prime Minister, Mia Amor Mottley’s visit to Guyana for the 60th Independence Anniversary, a Guyana/Barbados Investment fund was announced.

Mottley said the fund is intended to support medium to long-term investments in areas such as utilities, technology and agro-processing, while also giving citizens greater opportunities to build wealth and ownership.

“We believe that this is the only way we can allow our citizens, certainly in Barbados’ case, to be able to earn a return that is greater than what the banks are paying at 0.1 per cent in savings,” she said, adding that inflation effectively reduces the value of citizens’ savings over time.

She said the fund would also create greater economic ownership among citizens by allowing them to collectively invest in sectors that are often dominated by foreign investors.

The Prime Minister stressed that the proposed fund would not be political in nature and would instead operate under strict financial regulations and management structures.

“It will be properly managed with all the proper prudential regulations and financial mechanisms and laws buttressing it,” she said.