The Guyana Government has signed two financing agreements with the Saudi Arabia Fund for Development, totally US$150M for infrastructural development. The agreements were signed this morning.
The first loan agreement worth US$100 million is for infrastructural works in housing communities, which include opening up new lands for housing and the construction and maintenance of roads in new housing areas.
The second loan agreement of US$50 million is for the construction of the planned four-lane Wismar/Mc Kenzie bridge in Linden.
During the signing ceremony, Chief Executive Officer of the Saudi Fund For Development, Sultan AlMarshad, said the signing of the agreements is testament to Saudi’s drive to help Guyana in its developmental agenda.
‘Today marks an exciting chapter for both of our countries having sign two development loan agreement worth $150M to fund infrastructural development works for housing projects and the construction of the Wismar bridge project. The funds reflect our commitment to promote sustainable, social economic development in Guyana and support local community through enhance transportation and development in the housing sector,” the CEO said.
President Irfaan Ali lauded Saudi Arabia for the ease in which it was able to facilitate the loan and welcomed the agreement, explaining that he believes it is necessary to improve and invest heavily in infrastructure.
According to the President, owing to the government’s housing drive, it is also important to ensure that proper infrastructure is in place.
‘This investment that the Kingdom of Saudi Arabia is making today through the Saudi Fund for development will go a long way in ensuring that we realize this aspiration of the government and people of Guyana,” the President said.
The President, while talking of the importance of the infrastructural works in communities, said the construction of a new Wismar/Mc Kenzie bridge should also be seen as important for the modernization of the country.
‘These are projects with temporary endeavors but with permanent results. The Wismar bridge for example is an essential bridge in the modernization of that whole township in the building of the forestry sector, in advancing the mining sector, but more importantly it forms itself in what we call the infrastructure, a master plan of the country,” the President said.
The Government recently signed a separate loan agreement with the Islamic Development Bank for the reconstruction of the Soesdyke/Linden Highway.