The National Industrial and Commercial Investments Limited (NICIL) was able to mobilise US$1.1B in investments for 2020, the Board of Directors (BOD) reported today. This achievement, the board boasted, makes the agency the “most active” within the country, while adding that the company is on its way to “unleashing it’s full investment potential capacity”.
According to the BOD, the investments secured through a multitude of investment projects, payment of fees and other investment-related costs will help spur significant economic growth and development nationwide. This, it stressed, will continue to aid with significant national development.
“We have seen massive inflow of investment value coming and this was primarily possible through the prudent and excellent negotiations that were executed under our young and vibrant management team,” Board Director Dr. Grantley Waldron said.
The Board pointed out that since the appointment of Colvin Heath-London to hold the reins of NICIL two years ago, the CEO has been on a “sustained push to lure lucrative investments into the country”.
“He has been able to attract some of the top investments that this country has seen in its history within this sector. Heath-London has however promised to increase the momentum since increasing numbers of local and international investors have signaled intention to do business here. The Board continues to be marveled by the level of investments coming in, while we are impressed with the number of persons who seeks to do business here,” members of the Board were quoted as saying in a release moments ago.
The BOD said that NICIL continues to demonstrate that as the Government’s holding company, it is executing its agenda and mandate professionally, thus ensuring that Guyanese at all levels benefit significantly from the various levels of investments.
The Board stressed that with investment value being pegged at USD$1.1 billion in less than one year, it will boost other sectors declaring that it’s not oil and gas that is leading the economy. They related that it is unprecedented for NICIL or any other investment entity in Guyana, and so far, surpasses even oil and gas projected earnings.
They added that some 3000 plus jobs are being created, thus resulting in the general public having access to more money, which ultimately will rebound in increased business among other sectors.
Grantley said that much more is planned and NICIL will champion the cause of investments and social responsibility.
Meanwhile, Heath-London noted: “The investors who have been expressing interest are not only foreigners has we have Guyanese at home and abroad who also have interest and are serious about investing.”
He continued: “There is no question or doubt that NICIL has been keeping the economic wheel of this country turning as it continues to ensure that Guyana garners significant economic investment. Some years ago this would have been unheard of but thankfully owing to a number of factors investor are clamoring to come to Guyana and through NICIL we are ensuring that the right system are put in place to receive their investments.”
He pointed out that among the revenues that NICIL has secured over the past year are the US$3M from Bosai; US$10M from the Guyana Telephone and Telegraph Company (GT&T) and a significant amount from several other investors from deals to build hotels, condominiums, restaurants and the specialty hospital project among others.
“There are more investments that we will continue to generate through NICIL for this country and I can assure you that it will continue to increase tremendously,” Heath-London projected.
