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US agencies backing gas to energy US$660m loan bid- Jagdeo – Stabroek News

US EXIMBANK officials and others meeting with Finance Minister Ashni Singh and Bharrat Jagdeo on December 18th. (Ministry of Finance photo)

Armed with assurances by US agency heads that they are in support of the US$660 million loan application to finance the Wales gas-to-energy project, Guyana is optimistic that the sums will soon be approved.

“Every US agency, including on a bipartisan basis, members from both sides of Congress assured us that this project is a great project; it will receive their full support, so it is just that you have to go through the technical process,” Vice President Bharrat Jagdeo yesterday said when asked by Stabroek News about the loan’s approval. He was quick to make clear that a timeframe could not be given for the release of the funds as the process requires all the necessary technical and other approvals before the sums are handed over.

The gas to energy project appears to be severely delayed as the government has said that it could be in place by the end of 2024 and significantly cutting energy costs. That timeline appears unattainable at this point.

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