{"id":25281,"date":"2025-01-07T13:31:09","date_gmt":"2025-01-07T13:31:09","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=25281"},"modified":"2025-01-07T13:31:28","modified_gmt":"2025-01-07T13:31:28","slug":"us-exim-bank-approves-loan-for-guyanas-gas-to-energy-project","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/us-exim-bank-approves-loan-for-guyanas-gas-to-energy-project\/","title":{"rendered":"US EXIM Bank Approves Loan for Guyana\u2019s Gas-to-Energy Project"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p><em>By Josiah Williams | November 28, 2024<\/em><\/p>\n\n\n\n<p>The United States Export-Import (EXIM) Bank has approved Guyana\u2019s loan application for the Gas-to-Energy (GTE) project, marking a significant development in the government\u2019s efforts to lower electricity costs and expand energy infrastructure.<\/p>\n\n\n\n<p>The announcement was made by Vice President Bharrat Jagdeo during a press conference, where he outlined that the loan, initially set at $660 million USD, has been reduced to under $260 million USD. <\/p>\n\n\n\n<p>The revised terms specify that the loan will primarily cover U.S. exports related to the project. <\/p>\n\n\n\n<p>The loan has been sent to the U.S. Congress for a mandatory 30-day notification period before receiving final approval.<\/p>\n\n\n\n<p>The GTE project involves transporting natural gas to shore via a pipeline to power a generation facility. <\/p>\n\n\n\n<p>According to government reports, the initiative is expected to reduce electricity costs in Guyana by 50% upon completion. <\/p>\n\n\n\n<p>Prime Minister Mark Phillips recently indicated that construction on the project is approximately 58% complete.<\/p>\n\n\n\n<p>The approved funding will provide retroactive financing for expenses already incurred by the government since the project began. <\/p>\n\n\n\n<p>Officials have also disclosed that initial planning for a second power plant is underway, signaling a long-term commitment to enhancing Guyana\u2019s energy landscape.<\/p>\n\n\n\n<p>The Gas-to-Energy project is one of the government\u2019s flagship initiatives, aiming to modernize the country\u2019s energy sector, reduce dependency on traditional fuel imports, and lower costs for consumers.<\/p>\n\n\n\n<p>This milestone represents a step forward in Guyana\u2019s energy transition strategy and broader economic development goals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Josiah Williams | November 28, 2024 The United States Export-Import (EXIM) Bank has approved Guyana\u2019s loan application for the Gas-to-Energy (GTE) project, marking a significant development in the government\u2019s&hellip;<\/p>\n","protected":false},"author":4,"featured_media":25271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[360,363,350],"tags":[],"class_list":["post-25281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-national-transformation","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/25281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=25281"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/25281\/revisions"}],"predecessor-version":[{"id":25285,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/25281\/revisions\/25285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/25271"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=25281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=25281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=25281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}