European Investment Bank explores financing new projects in Guyana

A EUROPEAN Investment Bank (EIB) delegation, led by the EIB Vice President responsible for lending activity in the Caribbean, will visit Guyana this week to explore opportunities for financing new projects in the country.In his first visit to the country, from September 15-17 EIB Vice President, Pim van Ballekom and colleagues will discuss financing opportunities with senior government officials, private sector investors and project promoters with a view to providing loans to projects in the coming months, the EU Delegation here said in a statement. The European Investment Bank has supported investment essential for private and public sector growth in Guyana and across the Caribbean, the EU said.

During his visit to Guyana, Vice President, Pim Van Ballekom will visit the ports of Georgetown and discuss opportunities for financing new projects in the country. The visit follows meetings in Suriname, where further discussions have taken place with Surinamese officials.

“We are looking forward to discussions about future support in particular for projects in both in the public and private sector in Guyana. With our diverse sector experience supporting projects across the world, we can bring technical and practical expertise to this region. We have already been in contact with the Guyanese government concerning projects in the renewable energy, transport and private sector development sectors and hope that our visit would help to kick-start further investments in Guyana soon,” Pim Van Ballekom, EIB Vice President said.

Speaking on the EIB’s visit Head of the EU Delegation in Guyana Ambassador Jernej Videti? said: “The EU Delegation in Guyana is delighted to welcome this important delegation from the European Investment Bank. Investment and financing opportunities will doubtless be most welcome, both in private sector development and in light of Guyana’s Green Development Strategy. This is an opportune time for Guyana to diversify it’s economy and prepare for the future. The EIB support would complement existing EU cooperation with Guyana and help deepen the long-standing political and economic ties between Guyana and the EU”.

The EIB is the largest multilateral public bank in the world and 10% of its lending targets investments outside of the European Union. It is owned directly by the 28 European Union member states. The European Investment Bank has supported development and economic activity in the Caribbean with loans and equity investment worth EUR 1,6 bn. In Guyana, the EIB has provided a total of EUR 26m to projects in the forestry, mining, water, and private sector development (SMEs) sectors. The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.