GUYANA and the CARICOM Development Fund (CDF) yesterday signed a US$2.4M loan agreement, paving the way for a number of roads in Parika, Laluni, Ruby and Onverwagt to be upgraded.This mutli-million-dollar project is expected to benefit more than 35,000 citizens who will soon have better access to their farmlands.

Finance Minister Winston Jordan signed the agreement along with the CDF Chief Executive Officer Rodinald Soomer. In a press statement issued shortly after the signing, it was explained that Guyana is benefiting from the additional sum through the Country Assistance Programme under the CDF.

Under the agreement, approximately 12km of asphaltic concrete roads will be constructed, another 13km of all-weather roads will be upgraded and two reinforced concrete bridges will be built.

ACCESS TO BACKLANDS

“These upgrades will help alleviate many of the problems hindering access to the backlands which are often impassible as a result of damage caused by adverse weather and heavy duty machinery,” the Finance Ministry explained.

The loan will also be used to rehabilitate bridges that have been compromised. All the roads are expected to be completed by August, 2016.

In measuring the impact of this multi-million-dollar initiative, the ministry said “an estimated 9,500 farming households will directly benefit from access to prime agricultural backlands in all seasons as government aims to help farmers in these areas increase production, incomes and exports in cash crops. This in turn will contribute to price stability for green vegetables mainly on the domestic market.”

This new allocation supplements US$9.1M that Guyana received in July, 2013. Soomer, in brief remarks, said “achievements to date have been impressive as all the works have been completed within budget and on schedule.”

He added that Guyana can benefit from additional resources to finance other projects in agriculture and other sectors as it automatically qualifies for further support by virtue of having paid up its full assessed contribution to the Fund.
In thanking the CDF, Minister Jordan said Soomer’s comments augur well for future collaboration with the development fund as the government continues with its agenda for all Guyanese to realise the good life.

It is the first signing for a loan done by Minister Jordan since the APNU+AFC government came into office. The CARICOM Development Fund provides technical assistance to disadvantaged countries, regions and sectors in the Caribbean Community (CARICOM) to enhance their prospects for successful competition within the Community, and to redress any negative impact of the establishment of the CARICOM Single Market and Economy (CSME).