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Guyana secures US$31-million IDB loan to boost Energy Dep’t

By Guyana Chronicle

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Finance Minister Winston Jordan and IDB President Mr. Luis Alberto Moreno signing the loan agreement

(GUYANA CHRONICLE) — Minister of Finance Winston Jordan on Monday signed two loans with the Inter – American Development Bank (IDB) to the value of US$31, 110,000.

One of the loans deals with the Energy Matrix Diversification and Strengthening of the Department of Energy. The project will realise investments in newer and more sustainable energy solutions for hinterland communities, improve the reliability and stability of the Demerara/Berbice Interconnected System and help the Department of Energy to develop a regulatory framework and improve its capacity and governance of the oil and gas sector.

In a release, the Ministry of Finance said the loans were signed on the sideline of the 8th Annual Caribbean Governors’ Meeting of the Inter-American Development Bank (IDB) which concluded on Tuesday. The meeting took place under the theme, ‘Exponential for Resilience.’ Finance and planning ministers from the Caribbean explored avenues through which the Region can use innovative methods to enhance revenue administration and harness the skills necessary to create the Caribbean workforce of the future.

The second loan will go towards the establishment of an Electronic Single Window for Trade and the Energy Matrix Diversification and Institutional Strengthening of the Department of Energy. This project will be executed by the Ministry of Business. Exporters, importers, agencies and businesses involved in the importation and exportation of goods can look forward to significant improvement of doing business with the establishment of an Electronic Single Window.

Benefits to be derived include reduced transaction costs, data requirements and documents and simplified trade processes, through enhanced inter-agency collaboration which together will align Guyana with international best practices.

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