World Bank reaffirms support for Guyana’s “progress and prosperity” as country prepares for economic take-off

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As Guyana prepares for unprecedented development from its multi-billion-barrel oil and gas resources, the World Bank says it stands ready to advance discussions on sustainable growth in support of the country’s progress and prosperity.

In a congratulatory letter to Guyana’s newly elected President, Dr. Mohamed Irfaan Ali, Tahseen Sayed, World Bank Country Director for the Caribbean, said she is looking forward to further strengthening the Bank’s partnership with the new oil producing country, particularly at this challenging time of the COVID-19 pandemic.

“On behalf of the World Bank, I offer our support as you tackle the impacts of the COVID-19 pandemic and address the country’s development challenges,” Ms. Sayed said.

The Office of the President said Tuesday the Director also recalled, with pleasure, her previous meeting with President Ali, adding that she “very much appreciated the opportunity for the exchange of views on the country’s socioeconomic challenges and development priorities.”

Further, she said she was looking forward to meet again with President Ali at his earliest convenience, “to advance discussions on the World Bank’s engagement in Guyana” and expressed that she would “be pleased to present recent analytical work undertaken by the World Bank Group focusing on Guyana’s opportunities for sustainable and inclusive growth at this pivotal moment of the country’s history.”

Ms Sayed also wished President Ali success in his new mandate and assured him of the World Bank’s “strong partnership in support of Guyana’s progress and prosperity” the Office of the President stated.

More than 8 billion barrels of oil equivalent resources have been discovered off the country’s coast by US oil major ExxonMobil since 2015 and the country became an oil producer last December. It is expected that by 2030, Guyana’s output will exceed 1 million bpd, placing it among the top producers in the Caribbean and Latin America region.  

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