President Dr Irfaan Ali and India’s Minister of External Affairs, Dr Subrahmanyam Jaishankar have signed three cooperation agreements in key areas of development.

The agreements are a Memorandum of Understanding for Indian Grant Assistance for the Implementation of Quick Impact Projects (QIPs); a Memorandum of Agreement on the Supply and Installation of Micro and Small Enterprises (MSEs) Manufacturing Projects and an Agreement on Cooperation in the Field of Digital Public Infrastructure and the Functioning of a Unified Payments Interface (UPI)-like system in Guyana.

Additionally, the Ministry of External Affairs announced India’s extension of a US$500 million new Line of Credit to support Guyana’s development priorities and infrastructure projects.  

“Furthermore, I am very please to share that following discussions between our governments, India has decided to extend a line of Credit for US$500M to Guyana which would cover the segment of road, health and of defence. We look forward for development projects under those lines of credit…. I am sure that the steps that we have done today would have meaningful impact on the lives of our people and indeed our relationship,” the Indian Minister noted.

The Indian Minister also noted that the commitment forms part of promises Prime Minister Modi made when he visited Guyana.

Meanwhile, President Irfaan Ali welcomed the agreements, saying that they will deliver real tangible results for Guyana and the region. He said India continues to be play an important role in the country’s developmental agenda.

“Today I am very pleased that we can sign these three important agreements and conclude also discussions on the next phase of investments by India into Guyana. The US$500m line of Credit which will cover transformative infrastructure including roads that will lead to the opening up of thousands of new homes and house lots and main highways, defence and security which are important and of course health,” the President stated.

The President said Guyana will also embrace India’s health initiative in terms of bringing cheap medication here, transfer of technology and the integration of health services.

He noted that India is also supporting Guyana in building out an international payment system that will reduce the cost of doing business and enhance financial security.

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