After 33 years partnership…
COUNTRY Representative of the Inter-American Development Bank (IDB), Mr. Marco Nicola has pledged the continuing support of his agency in the development of Guyana and its economic growth.
He said the Bank will demonstrate its readiness to dialogue with the Private Sector, offer guidance and assist in finding solutions that would result in the successful outcome of development investment.
Nicola was, at the time, Guest Speaker at the 78th Annual Luncheon hosted by the Berbice Chamber of Commerce and Development Association (BCCDA) on Sunday last.
He said Guyana and the IDB have enjoyed more than 33 years of partnership which has matured and grown into and is aligned with achieving the country’s national development objective.
His audience, at Little Rock Suites in New Amsterdam, included members of the National Association of Chambers of Commerce, the Private Sector Commission (PSC) and his IDB colleagues.
Nicola told them the Bank had been the largest single source of multilateral development finance for Guyana, contributing more than US$1 billion, spawning key sectors that contribute to the social and economic well-being.
“The Transportation Sector has benefitted from two roads and two air transport investments totalling US$184M and the Housing and Health sectors, with an additional two investments, each of US$53.5M along with the Energy Sector, for which five projects, amounting to US$93 M, have been approved,” he disclosed.
Nicola also reported that the bank, in collaboration with Guyana, has partnered to construct a national road transport network, which would provide the basis for the economic development of the country.

LARGEST SHARE
According to him, the Transportation Sector is one of two sectors which have attracted the largest share of the Bank’s resources over the period 1992 to 2006.
Referring to the benefits derived by Berbicians, the diplomat said four investments, of a total US$31M from the IDB is in a bid to improve the region’s productive capacity by reducing cost, time and risks associated with poor transportation conditions for connecting the rest of Guyana with the economically important agricultural county and facilitating regional integration between Guyana and Suriname.
He said three years after completion of the Mahaica/Rosignol thoroughfare, fatal accidents per kilometer of travel was reduced by 19 per cent as compared to a set target of 15 per cent.
In addition, Nicola observed that the US$11M invested in the Berbice River Bridge access road has reduced the travel time for the crossing from 45 minutes by ferry to five minutes by the overpass, an approximate reduction of 90 per cent.
He said, while it is too early to attempt a formal assessment of the impact of the Berbice River Bridge, from his observation, an estimated 26,000 vehicles traverse it monthly, which is a boost to business activity while savings are being realised from a possible reduction in perishable agriculture produce.
On a wider scale, Nicola said, in agriculture, the IDB  has been supporting this country to address several issues that restrict the performance of the sector and, as a result, 13 loans, amounting to US$257M, were extended as a stimulus needed to bolster the sector, repositioning it to revitalise production and productivity levels.
He said one of the several positive impacts that are emerging from  the IDB supported reforms in the agriculture sector is the empowerment of farmers to manage drainage and irrigation (D&I) affairs in their regions.
“This is a transformational shift from what was inefficient, as these systems were in a state of disrepair, largely due to the fact that associated rates were not collected,” Nicola stated.

VARYING LEVELS
He said those involved have benefitted from training and other forms of institutional support, with varying levels of success.
Recognising the role of the agriculture sector, Nicola said Guyana has negotiated another loan with the Bank to enable the pursuit of agriculture exports diversification.
This investment, he said, will establish services and institutions for a sustainable increase in the income derived from the export of non-traditional agricultural products in aquaculture, fruits and vegetables and livestock sub-sectors.
Nicola, reiterating that the bank will continue to support development in this country, said work has commenced on the Crabwood Creek access road which involves the rehabilitation of D&I structures and roadways which service in excess of 3,000 hectares.
Additionally, within the next few months, a D&I project valued US$5M will commence in Black Bush Polder, at Corentyne, he announced.
Nicola said, while the results of the collaboration between the Bank and Guyana are evident, an important objective of the bank is the strengthening  of relations with Guyanese civil society, especially the Private Sector, because approximately 60 per cent of their portfolio funding is related to the national competitiveness strategy.