The clinching of yet another technical assistance grant agreement with China to the tune of $1.2 billion will certainly help to boost and accelerate this country’s development agenda and marks another milestone in the continued friendship between the two countries.

It will be recalled that Guyana was one of the countries in this region to recognise the People’s Republic of China and to establish diplomatic ties with it almost four decades ago. Ever since that time the friendship and ties have grown stronger and China has always extended a hand of assistance to help forge our socio-economic development despite the many challenges it has to overcome at home.

China in its initial stages was relatively backward industrially and economically but today it has risen to one of the economic giants of the world mainly through the vision of the Chinese leadership and the industriousness and creativity of its people.

The economy of the People’s Republic of China is the third largest in the world after the U.S. and Japan with a nominal GDP of US$4.4 trillion (2008) when measured in exchange-rate terms. It is the second largest in the world after that of the United States with a GDP of $7.8 trillion (2008) when measured on a purchasing power parity (PPP) basis.[4] China has had the fastest-growing major economy for the past 30 years with an average annual GDP growth rate above 10%.[5] China’s per capita income has likewise grown at an average annual rate of more than 8% over the last three decades drastically reducing poverty, but this rapid growth has been accompanied by rising income inequalities. (Source:Wikipedia)

But unlike some countries it has always sought to help fellow developing countries in their developmental paths by providing financial, technical and scientific support.

Guyana undoubtedly has benefited tremendously from this friendly policy of China.

Finance Minister Dr. Ashni Singh at the signing ceremony of the grant agreement summed it up succinctly noting that that the two countries have over the years enjoyed “very strong, close fraternal relations”.

He outlined some of the significant examples of the relationship shared, referring to the co-generation plant at Skeldon and the Guyana Power and Light (GPL) transmission and distribution project which is currently in the process of concluding.

Other areas in which the China and Guyana cooperation agenda has extended, he stated, include the construction of Guyana International Conference Centre in Liliendaal, East Coast Demerara, Chinese companies investing and expanding in Guyana, the roll-on/roll-off ferries, and the bamboo craft project which was a very important project in supporting the development of micro enterprises.

The Finance Minister also mentioned the support in agriculture, training and building human capacity, and the medical corps.

He also touched on China’s work in the region, including its membership in the Caribbean Development Bank which has contributed in a significant way to the bank’s work in the Caribbean.

Also, the noted that Guyana very strongly supported China’s membership in the Inter-American Development Bank (IDB) about a year ago.

“We were delighted at the interest shown by China in becoming a member of the IDB. The IDB is a very important development partner in Latin America, and in the Caribbean and Guyana in particular,” he said.

“Each and every element of this cooperation agenda has resulted in favourable impact and favourable consequences for the nation and the people of Guyana,” he assured.

From all indications the friendly ties and cooperation between the two countries seem headed along a road of deepening and strengthening because apart from the close cooperation in economic, trade and cultural issues they share common views on many internal issues.

GUYANA and China continue to strengthen their relationship and to this end yesterday signed an economic and technical cooperation grant agreement to the tune of approximately $1.2B.

The signing ceremony by Minister of Dr. Ashni Singh and Chinese Ambassador to Guyana, Mr. Zhang Jungao was held in the boardroom of the Finance Ministry, Main Street, Georgetown.

Addressing the media before the signing by the two parties, Minister Singh said the grant agreement is in the amount of $40M RMB (approximately US$6M or G$1.2B).

“We have no doubt in the Government of Guyana that this grant agreement and the projects that we will execute under this grant agreement will in a very significant way contribute to the advancement of our development agenda,” he stated.

He said having concluded the grant agreement, the Government of China and Guyana will then proceed to programme the resources and identify priority projects.

He took the opportunity to thank the Government and people of China for not only the very important grant agreement, but also for “the very extensive cooperation programme shared and for the kindness and generosity of the people of China”.

Minister Singh agreed that the two countries have over the years enjoyed “very strong, close fraternal relations”.

He outlined some of the significant examples of the relationship shared, referring to the co-generation plant at Skeldon and the Guyana Power and Light (GPL) transmission and distribution project which is currently in the process of concluding.

Other areas in which the China and Guyana cooperation agenda has extended, he stated, include the construction of Guyana International Conference Centre in Liliendaal, East Coast Demerara, Chinese companies investing and expanding in Guyana, the roll-on/roll-off ferries, and the bamboo craft project which was a very important project in supporting the development of micro enterprises.

The Finance Minister also mentioned the support in agriculture, training and building human capacity, and the medical corps.

He also touched on China’s work in the region, including its membership in the Caribbean Development Bank which has contributed in a significant way to the bank’s work in the Caribbean.

Also, Minister Singh noted that Guyana very strongly supported China’s membership in the Inter-American Development Bank (IDB) about a year ago.

“We were delighted at the interest shown by China in becoming a member of the IDB. The IDB is a very important development partner in Latin America, and in the Caribbean and Guyana in particular,” he said.

“Each and every element of this cooperation agenda has resulted in favourable impact and favourable consequences for the nation and the people of Guyana,” he assured.

The Chinese Ambassador said, “I am very pleased to be here to sign the agreement on economic and technical cooperation between the Government of Guyana and Government of China”.

He noted that China and Guyana have enjoyed very friendly relations for over 30 years.

The Chinese Ambassador said that during this time, the two countries have shared mutual respect and support in different areas, including the economic and technical fields, and he outlined some examples