The government of Guyana on Monday inked two loan agreements with the Kingdom of Saudi Arabia through the Saudi Fund for Development, totalling US$150 million.
The agreements were signed by Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh and the Chief Executive Officer (CEO) of the Saudi Fund for Development, Sultan Abdulrahman Al-Marshad.
The first loan agreement, valued at US$100 million, involved the construction of over $2,000 housing units in three Regions, while US$50 million will go to constructing a new Wismar Bridge.
“The funded projects provided by the Kingdom of Saudi Arabia through the Saudi Fund for Development reflect our commitment to promote sustainable, social, economic development in Guyana and support the local community through enhanced transportation and housing infrastructure,” Al-Marshad remarked.
The CEO of the Fund explained that Guyana is the 88th Nation to receive funding from the Kingdom of Saudi Arabia.
Meanwhile, President Irfaan Ali explained that the funds would help the People’s Progressive Party Civic (PPP/C) achieve its manifesto promise of delivering 50,000 house lots over its five years tenure.
“This investment that Saudi Arabia is making through the Saudi Fund for Development will go a long way in ensuring that we realise this aspiration of the government,” the Head of State noted.
The Saudi Arabia delegation is on a three-day visit to Guyana and was taken to several project sites on Sunday, where the Ministry of Housing is executing development works.
Last year, a 60-person Saudi Arabian investor delegation led by Deputy Minister for Investors Outreach, Badr Al Badr, visited Guyana to meet with local stakeholders and explore potential collaboration areas.
