GCCI lobbies US ExIm Bank to approve US$660 Million loan to Guyana for gas to energy project

GCCI lobbies US ExIm Bank to approve US$660 Million loan to Guyana for gas to energy project

Guyana’s oldest private sector organisation, the Georgetown Chamber of Commerce has written to the US EXIM Bank in a lobbying effort to get the bank to approve the Guyana Government’s request for a US$660 Million loan facility to support the gas to energy project.

In the letter signed by the President of the GCCI, Kester Hudson, the private sector body stated that the financial support from the US ExIm Bank would contribute significantly to Guyana’s energy transition, reduce reliance on fossil fuels, and promote sustainable practices.

The GCCI said the project is anticipated to reduce electricity cost by approximately 50 percent, which would be a material change in the cost of electricity for Guyanese citizens and enterprises alike.

According to the Chamber of Commerce, it sees this project as having immense potential to drive economic growth, enhance energy security, and promote sustainable development in the Western Hemisphere.

The Georgetown Chamber of Commerce said it is deeply concerned and expresses strong condemnation of attempts by a small minority of individuals to discredit the project and discourage the EXIM Bank from providing financial support for the project.

“The GCCI is especially disheartened to see the vilification of a project that holds significant potential benefits for our nation and its citizens, we are appalled at missives penned requesting that the loan to fund the initiative be blocked”, the letter stated.

While not making any specific reference to any group or persons, the Chamber of Commerce said the dissenting voices do not reflect the interests of the business community in Guyana which has stated publicly that it will support any project that helps to lower the cost of electricity.

According to the Chamber, it will always be supportive of efforts aimed at the development of Guyana especially those which align with the best interest of Guyana’s economic growth and the aspirations of its people.

Just last week, Vice President Bharrat Jagdeo expressed optimism that the loan facility will be granted as there appears to have been a pause in the process to approve the loan.

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