Korea explores enhanced economic collaboration with Guyana through concessional financing 

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Korea has set its sights on bolstering economic ties with Guyana, as evidenced by the Export-Import Bank of Korea’s initiative to offer substantial concessional financing for prospective projects. Park Jong-Kyu, Vice President and Head of Group at Korea Eximbank, is currently in Guyana for discussions.

During his visit, Park Jong-Kyu convened a meeting with Prime Minister Mark Phillips. Additionally, an interaction took place between Finance Minister Dr. Ashni Singh and Dr. Park Jong-Kyu, Vice President, and Head of the Economic Development Cooperation Fund (EDCF) Coordination Group for the Export-Import Bank of Korea. 

The focal point of those discussions centered around exploring diverse development cooperation avenues that could be extended to the government of Guyana through Korea’s EDCF. 

A significant participant in these discussions was Dong-Hyuk Lee, Senior Loan Officer from the MDB Co-financing Team, contributing expertise and insight into potential collaborative ventures between the two nations.

Guyana is one of the fastest-growing economies in the world, holding this spot up until 2026. Guyana’s growth forecast from the International Monetary Fund (IMF) has been given a considerable boost. While the institution’s 2022 Article IV report had estimated Guyana’s real gross domestic product (GDP) would grow 25.2% in 2023, this has been revised to 38%. 

Similarly, the IMF had estimated last year that Guyana’s 2024 growth would be 21.2%. This forecast has more than doubled to 45.3% in its World Economic Outlook 2023: A Rocky Recovery.

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