The Government of Guyana and the Saudi Fund for Development’s Chief Executive Officer (CEO), His Excellency Sultan A. AlMarshad and team will be signing two major loan agreements today. These pertain to the Infrastructure Development Works for the Housing Sector Project and the construction of the Wismar Bridge Project.
The Saudi team which is on a three-day visit here, arrived on Sunday and was treated to a breakfast meeting at State House. According to the Department of Public Information (DPI), President Dr. Irfaan Ali was joined by Senior Minister of Finance, Dr. Ashni Singh; Minister of Health, Dr. Frank Anthony (who is currently acting as Foreign Affairs Minister); Minister of Public Works, Bishop Juan Edghill; Minister of Housing and Water, Collin Croal; Minister in the Ministry of Public Works, Deodat Indar; and Minister in the Ministry of Housing and Water, Susan Rodrigues.
The agreements to be signed and are a follow-up to the May 12 signing of a Memorandum of Understanding (MoU) between Dr. Singh and the Saudi Fund regarding its participation in the financing of these development projects totalling US$150M.
The MoU was signed on the sidelines of the 2023 Islamic Development Bank (IsDB) Group’s Annual Meetings in Saudi Arabia. Dr. Singh had led Guyana’s delegation at those meetings.
The Government of Guyana has been continuing its aggressive drive to transform the country’s landscape. This transformation is particularly visible in the area of transport infrastructure. Work for example has advanced on several key projects including the new US$261 Million High Span Bridge across the Demerara River, the US$190 Million Linden to Mabura Road, and a bridge across the Corentyne River. In Budget 2023, $136.1 Billion was allocated for the enhancement of the roads and bridges network across the country.
With respect to Housing and Urban Development, the government has been working assiduously to fulfill its manifesto promise of providing 10,000 house lots to citizens each year. It is well on the way to achieving its 50,000 target this term, with over 20,000 delivered in its first two years in office. In Budget 2023, $54.5 Billion was allocated for housing development in new and existing areas.