– To Finance infrastructural projects in Guyana

-by Kimberly Giddings

India has agreed to extend a 500-million-US-dollar Line of Credit to Guyana to support projects in road infrastructure, healthcare and defence.

The announcement followed discussions between President Irfaan Ali and India’sExternal Affairs Minister Dr. S. Jaishankar on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda.

Dr. Jaishankar says the new financing and agreements build on the progress already achieved through bilateral cooperation.

“We look forward to developing projects under those lines of credit and I must say Mr. President it’s been a really wonderful working with your government. I think many of our projects have today we have seen delivery and I’m very sure that the steps that we have done today will have a meaning for the lives of your people and indeed for our relationship,” he said.

President Ali says the financing will support major infrastructure, healthcare and defence projects, including roads to open up new housing developments.

He also highlighted plans to establish a national digital payment system modelled on India’s Unified Payments Interface.

“It will reduce the cost of doing business, improve our competitiveness, enhance financial security and create a transparency in the financial system. So we are very pleased today that this is moving forward and by the end of this year we will be able to launch the national payment system,” the president said.

The agreements also include support for small and medium-sized enterprises through technical training and collaboration, with more than 20 Guyanese expected to travel to India for on-the-job training in its national payment system.

The latest commitments form part of ongoing efforts to deepen bilateral cooperation between Guyana and India in infrastructure, technology, entrepreneurship and human capital development.