While the Greater Guyana Initiative, led by the Stabroek Block co-venturers ExxonMobil, Hess and CNOOC Limited, will see the investment of US$100 million in capacity development programmes across Guyana over 10 years, that expenditure will not be recoverable. Making this pellucid on Tuesday was Vice President, Dr. Bharrat Jagdeo during his first press conference for the year.
Jagdeo made this point as he was reminded by the media that the company can submit a statement of claim for these sums against revenue made from the Stabroek Block. The Vice President made it clear however that that is their initiative and would have to be paid for out of their pocket.
The said initiative was launched on Tuesday morning by Exxon and partners following the government’s cautionary statement that more will be demanded on local content from industry players.
During the launch, it was noted that the Greater Guyana Initiative will be focusing on education and training, economic development and health. In fact, the Initiative’s capacity development efforts will include programmes designed in consultation with Guyana’s Technical and Vocational Education and Training, the Centre for Local Business Development and University of Guyana. The initiative will also focus on supporting regional initiatives and capacity development of diverse sectors including health and agriculture.
“Our long-term commitment will support initiatives to further build human capacity, advance education, improve health care and promote sustained economic diversification,” said Alistair Routledge, President ExxonMobil Guyana. He added, “This work will boost our shared capacity development efforts in Guyana, preparing Guyanese to capitalize on new and expanded economic opportunities.”
Guyana Standard understands that the Greater Guyana Initiative’s multi-faceted approach is expected to grow the Guyanese workforce, increase competitiveness of local businesses across sectors, and build upon the foundation for a thriving business environment and sustained economic growth. To meet the goals of the initiative, Exxon said that national and local leaders, community members and the private sector will be engaged to bolster the effectiveness of programmes and ensure alignment with Guyana’s development priorities as they evolve over the coming years.
Furthermore, the Greater Guyana Initiative is expected to expand the current support for the Centre for Local Business Development by ExxonMobil, Hess and CNOOC Limited and facilitate its transition into a long-term center of excellence for broader industry. More than 2,400 Guyanese companies are registered with the centre, which was established by the co-venturers in 2017 with the mission of supporting local businesses to become globally competitive.
