GUYANA’s contribution to the replenishment of the World Bank’s Multilateral Investment Fund of US$1M has been approved by Cabinet, Minister of State, Joseph Harmon has announced.
According to the Minister, the contribution should be repayable in three or four installments beginning in 2019.
He said the Multilateral Investment Fund was created in 1992 to augment the resources available to the Inter-American Development Bank (IDB) for project financing.
“Since its inception, Guyana has contributed US$950,000 and has received US$9.34M for every US$9.84 that was invested in the fund and this will continue to operate up to 2018. We expect that Guyana will continue to benefit from its allocations,” said Harmon.
The main areas of focus for the Fund include climate smart agriculture and developing environmental and social sustainability.