FOLLOWING the recent announcement that the International Finance Corporation (IFC), a member of the World Bank Group, has completed a $185M financing package for the construction and development of Guyana Goldfields Aurora gold mine, Minister of Finance, Dr. Ashni Singh, has asserted that it is further proof that investor confidence is alive and strong in Guyana.

In an invited comment, Minister Singh told the Guyana Chronicle the decision taken by the IFC to invest in a project in Guyana clearly demonstrates confidence in the government and people of Guyana.
He added that this is an example of a major international financial institution partnering with an international investor on a common project.
“That says a lot about the way Guyana is perceived in the global market place,” Dr. Singh said,adding: “This partnership says we are confident that Guyana is a good place in which to invest and do business, and is a vote of confidence in the policy environment created by this government to attract and encourage foreign and domestic investors.”
NEARLY 900 JOBS
IFC has partnered with Guyana Goldfields since 2006 and has assisted the company to establish an integrated environmental, health, safety, and social management system in line with international best practices. Close to 900 jobs will be generated during the peak construction phase of the project.
In addition Guyana Goldfields is expected to become one of the major contributors to Guyana’s tax base once the project is underway.
The Finance Minister said, “This government has demonstrated over time an unshakeable commitment to sound and responsible policies, including fiscal discipline and genuine openness to the business community, aimed at encouraging local and international investors to contribute to growth in our economy through investment and job creation
“It is not by mere chance that a large and credible international financial institution such as the IFC, makes a bold decision to invest millions of dollars in a project in Guyana,” Minister Singh said.
According to him, the current administration has demonstrated a strong track record in developing a strong and stable and competent economy that is conducive to doing business, which ultimately leads to more job opportunities and an even more resilient economy.”
He highlighted too that the government has been able to accomplish such positive results despite efforts by opposition political parties to paint an adverse impression of Guyana to investors.
Dr. Singh contends that the negative image being perpetuated by the various opposition parties is solely intended to dissuade investors and undermine the economic gains made.
He said, “We have seen the opposition attack major international projects and investors, most recent and popular among them are the Amaila Falls Hydro Project and the Marriott Project. We have seen them make every possible effort to ensure Guyana is blacklisted by FATF and CFATF in order to stymie growth and progress in Guyana’s economic development and through cut critical projects in the National Budgets.”

Minister Singh said that while there has been much progress and confidence demonstrated by investors, there is much more that can be accomplished if all political parties worked together to promote, rather than damage the image of Guyana.
In recent years, Guyana has attracted several international companies in the mining, food service, banking, logging and telecommunications sectors, amongst others.
Guyana has recorded its eighth consecutive year of economic growth in 2013 and is projected to continue growing through 2014.