The Government of Guyana and the Caribbean Development Bank (CDB) on Wednesday launched a US$30.9M Sea and River Defence Resilience Project estimated to benefit more than 45,000 Guyanese.

The multi-million dollar project, which will result in approximately 5.4km of sea and river defences being reconstructed and improved in eight critical areas, had received the financial approval of the CDB in December 2013 but it was only in April 2014 that the loan agreement was signed.

In accordance with that agreement, the CDB will loan Guyana US$25M of the US$30.9M and the Government will fill the gap by providing the remaining US$5.9M.

The official launching unfolded at the Pegasus Hotel in the presence of the Minister of Public Infrastructure, David Patterson; Minister within the Ministry of Public Infrastructure Annette Ferguson; Chairman of the Sea Defence Board, John Cush; CDB Portfolio Manager, William Ashby, and Finance Secretary of the Ministry of Finance, Dr. Hector Butts among other officials.

See full story in Thursday’s edition of the Guyana Chronicle