The second annual AfriCaribbean Trade and Investment Forum (ACTIF2023) commenced today at the Marriott Hotel in Georgetown, Guyana.
President Dr. Irfaan Ali announced a pivotal initiative aimed at enhancing the cash flow for local oil and gas service providers through the establishment of a Local Content Facilitation Fund in collaboration with the African Export Import Bank (Afreximbank).
This strategic move addresses the longstanding concerns of local service providers who have faced delays in receiving payments.
Drawing inspiration from successful models implemented in Angola and Nigeria, President Dr. Irfaan Ali emphasized the importance of supporting companies with improved cash flow.
Additionally, the government is in the final stages of negotiations for a US$15 million facility dedicated to supporting local small and medium-sized businesses.
In a significant development, Professor Benedict Oramah, President of the Afreximbank, announced that a total of US$1.5 billion in concessional financing is now available to all Caricom member states, with the potential to reach US$3 billion.
He further revealed that over US$2 billion in deals have been finalized, with Guyana set to benefit from this substantial financing.
For Guyana specifically, an agreement for a 500 million dollar transaction to support accelerated infrastructural development projects of the Guyanese government is underway and is anticipated to be formalized during the forum.
The second AfriCaribbean Trade and Investment Forum 2023 is being held under the theme “Creating a Shared Prosperous Future” from October 30–31, 2023.
[Reported by Josiah Williams, NCN Guyana]