The Georgetown Chamber of Commerce and Industry (GCCI) has penned a letter to Reta Jo Lewis, President/Chairperson of the United States (US) Export-Import (Exim), advocating for the approval of financial support being sought by the government of Guyana for the US$1.7B gas-to-energy project.
Amidst recent attempts by a minority group to discredit the project, the GCCI has reaffirmed its unwavering support for the initiative, emphasizing its potential to significantly impact the nation’s economic growth and energy security.
In December, Vice President, Dr. Bharrat Jagdeo announced that Guyana is set to secure a US$660 million loan from the Export-Import (EXIM) Bank of the United States to fund the landmark project.
Clarifying misconceptions about the loan amount, Jagdeo had explained that while the Natural Gas Power Plant and other onshore facilities at Wales incurs a total cost of US$759 million, the loan being requested is US$660 million, an adjustment that accounts for the Government having already invested US$100 million from the Treasury into the project.
Nevertheless, a letter was dispatched to the bank by Attorney-at-Law, Melinda Janki on behalf of public interest litigants Elizabeth Deane-Hughes and Vanda Radzik, urging the financial institution to withhold funding for the project in light of growing concerns about its feasibility and environmental implications.
To this end, the GCCI voiced deep concern over recent attempts by the small minority to undermine the project’s credibility and dissuade the Exim Bank from providing financial support. The chamber condemned these efforts, emphasizing that they do not represent the interests of the wider business community, which has consistently expressed support for initiatives aimed at lowering electricity costs.
“While we respect differing opinions and the importance of public discourse, it is crucial to recognize that dissenting voices do not align with the broader interests of Guyana’s economic growth and the aspirations of its people,” the organization stated in its letter.
The chamber said it recognizes the transformative potential of the gas-to-energy project, and underscored its importance in reducing reliance on fossil fuels and driving down electricity costs by an estimated 50 percent. Such a reduction it said promises to be a game-changer for both citizens and businesses, positioning Guyana for enhanced economic growth and energy sustainability in the Western Hemisphere.
As a steadfast partner for national development, the GCCI reaffirmed its commitment to strictly supporting initiatives that promote Guyana’s progress. With a rich history of advocating for the country’s economic advancement, the chamber said it stands ready to continue its role in shaping a prosperous future for Guyana and its citizens.
