Guyana gets final approval for multimillion energy loan from US EXIM Bank
Key Points(5)
- This approval was confirmed by Reta Jo Lewis, the President and Chair of the US EXIM, during a phone call with Guyanese President Irfaan Ali.
- This project marks a significant development in Guyana's energy sector, as it aims to further harness the country's natural gas resources for domestic power generation and reduce reliance on more expensive sources of energy.
- The EXIM Bank's approval of the project also underscores the strengthening of economic ties between the United States and Guyana, as well as the potential for long-term benefits in terms of energy security and infrastructure development for the Caribbean nation.
- The bank made the decision during a meeting held early Thursday, having completed the 35-day congressional notice period.
- The GtE Project is slated to deliver 300 megawatts of power to the grid when completed, expanding the supply of electricity, cutting the carbon footprint per kilowatt hour, and reducing energy costs to consumers by 50 per cent.
On Thursday, the United States Export-Import (EXIM) Bank announced its loan approval for the Gas-to-Energy (GtE) Project in Guyana, valued at over US$526 million. This approval was confirmed by Reta Jo Lewis, the President and Chair of the US EXIM, during a phone call with Guyanese President Irfaan Ali.
This project marks a significant development in Guyana's energy sector, as it aims to further harness the country's natural gas resources for domestic power generation and reduce reliance on more expensive sources of energy. The EXIM Bank's approval of the project also underscores the strengthening of economic ties between the United States and Guyana, as well as the potential for long-term benefits in terms of energy security and infrastructure development for the Caribbean nation.
The bank made the decision during a meeting held early Thursday, having completed the 35-day congressional notice period.
The GtE Project is slated to deliver 300 megawatts of power to the grid when completed, expanding the supply of electricity, cutting the carbon footprint per kilowatt hour, and reducing energy costs to consumers by 50 per cent.
Ali thanked Lewis and her team for the loan approval granted and for the confidence shown in the project and in Guyana.
Ali also commended the Guyana team at the Office of the President, Ministry of Finance, Ministry of Natural Resources, and the Guyana Embassy in Washington DC, whose work helped secure the outcome.
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