The United Kingdom has substantially boosted financial support for projects in Guyana, surging from £750 million to £2.1 billion. This announcement was made by the UK Minister for the Americas, Caribbean, and Overseas Territories, David Rutley, during a February 27 press conference in Georgetown.
The UK’s Export Finance (UKEF) agency facilitates international trade by providing support in the form of loans, insurance, and guarantees to help UK companies export their goods and services abroad. In the case of this strategic decision by UKEF, Guyanese companies would get greater access to finance to purchase goods and services from the UK which can be helpful in their ventures.
Rutley said the move is “a reflection of the confidence that the UK has in the stewardship of the economy of Guyana…”
Guyana, experiencing a robust economic expansion fueled by an oil boom, continues to attract global attention. The discovery of extensive offshore oil reserves by ExxonMobil, leading to substantial production, has not only spurred growth in the energy sector but has also catalyzed broader economic development across multiple industries.
The government continues to promote Guyana as a prime destination for investment in many sectors, insisting that Guyana needs big business in oil and non-oil sectors to build the economy that it envisions.
Guyana’s Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh, said, “I want to urge the Guyanese private sector… to avail themselves of this opportunity to access financing and this opportunity to do business with British companies.”
