The International Development Association (IDA), a branch of the World Bank will be providing some US$1.6 million, to aid in preparations for Guyana’s developing oil and gas sector.
During a Thursday, August 16, 2018, press conference at the South-American nation’s Ministry of the Presidency in Georgetown, Minister of State Joseph Harmon divulged that a loan agreement in that regard has been signed with the Association.
The agreement signed between the Government of the Cooperative Republic of Guyana and the International Development Association, he said, is “an advance agreement for US$ 1.6 million that will provide financial support for the proposed Guyana Oil and Gas Capacity building project. “
It was further explained that the document will be made public when the agreement is laid in the National Assembly.
The IDA is the branch of the World Bank which provides loans and grants to the world’s poorest and middle-income countries for projects which aim to boost economic growth, reduce inequalities, and improve people’s living conditions.
The organization boasts that it “lends money on concessional terms. This means that IDA credits have a zero or very low-interest charge and repayments are stretched over 25 to 40 years, including a 5- to 10-year grace period.”