Guyana has signed a Memorandum of Understanding (MOU) with the Saudi Arabia Fnd for development for the financing of development projects in Guyana.

Under the MOU, development works for the Housing Sector and the construction of the Wismar Bridge, will be supported under the fund.

The two projects total more than US$150 Million.   

Finance Minister, Dr. Ashni Singh, who signed the agreement on behalf of the Guyana Government, offered thanks to the Government of the Kingdom of Saudi Arabia for cooperation and partnership in Guyana’s development.   

Dr. Singh attended the Opening Ceremony of the 2023 Islamic Development Bank (IsDB) Group Annual Meetings in Saudi Arabia this past weekend.

The Saudi Fund for Development finances development projects in developing countries by granting them the necessary loans, technical aids necessary for financing studies and institutional support.

The Ministry of Finance said as the Guyana Government continues with its infrastructural development push, new projects will be unveiled.

Over $136.1 Billion was allocated in this year’s budget for the enhancement of the roads and bridges network across the country.

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