–Guyana to benefit from initial US$6.1M
THE Basic Needs Trust Fund (BNTF) National Project was launched here on Monday with the country in line to benefit from an initial sum of US$6.1M for developments in the areas of agriculture, renewable energy, human resource and livelihoods’ enhancement.
Launched under the theme “Partnering against Poverty”, the National Project forms part of BNTF 9th Programme funded by the Caribbean Development Bank (CDB) to the tune of US$40.8M. This phase will be implemented between March 2017 and December 2020.Aside from Guyana, eight other countries including Belize, Dominica, Grenada, Jamaica, Saint Lucia, St. Vincent and the Grenadines, and Suriname will also receive funding to improve access to quality education; water and sanitation; basic community access and drainage; livelihoods’ enhancement and human resource development in low-income and vulnerable communities.
The programme is CDB’s main vehicle for tackling poverty in the Region.Finance Minister Winston Jordan launched the National Project at the Guyana Marriott Hotel on Monday in the presence of the Director of CDB Projects Department, Daniel Best; BNTF Project Manager, Michael Singh; Chairman of BNTF Oversight Entity, Bernard Lord and beneficiaries of BNTF’s previous cycles, Ganesh Singh and Shanile Garraway.
Minister Jordan, in his address, noted that on June 20, 2017 he signed the agreement on behalf of Guyana for the 9th Cycle of the BNTF Programme.“In this cycle, Guyana stands to benefit from an initial US$6.145M. It also stands to benefit for an unallocated amount of US$5.2M, if we can continue to get our act together,” he said while underscoring the importance of successfully completing the sub-projects on time.It was noted that the funds will be used on projects that contribute to poverty reduction, and simultaneously the inclusive and sustainable growth of the economy.
Prior to May, 2015, the NBTF Programme here had focused primarily on infrastructure development such as the construction of roads, hospitals and schools, but Minister Jordan, in his discussions with the CDB President Warren Smith, advocated for the programme to be centered on the development of human capita.
“Since assuming office in May 2015, our government observed while Guyana was able to maintain favourable macroeconomic indicators in the previous five years, these outcomes did not translate into better living standards for the poor and vulnerable. In fact, poverty remained high and persistent,” Minister Jordan pointed out.
He said it is for that reason that the Government, through programmes such as the Sustainable Livelihood and Entrepreneurial Development (SLED), the Board of Industrial Training (BIT) and the BNTF have been empowering people, both socially and economically. As the government seeks to have more balanced and diversified economic growth and development, Minister Jordan said the BNTF unit in the Ministry of Finance would partner with other agencies such as the Ministry of Business, the Youth Empowerment Department and the National Agricultural Research and Extension Institute (NARIE) to develop an indicative list of sub-projects for the 9th Cycle. These sub-projects will seek to broaden and deepen micro and small-scale agricultural enterprises; enhance value added agro processing and agro industrial industries; promoting self-sustaining entrepreneurial enterprises and enhance the livelihoods of rural villages.
The sub-projects will also providing for rural food security in a green and sustainable environment. Also under the 9th Cycle, several schools which were funded under the other cycles will be powered, using photovoltaic technology in keeping with BNTF’s push for the use of renewable energy. “These focuses are particularly welcomed by our government, given the country’s high energy and logistic costs, coupled with poor connectivity along the coastland and hinterland,” Minister Jordan posited.The CDB Director of Projects Department said the flagship poverty reduction programme is being implemented in nine of the banks borrowing member countries. “The goal of this phase – the 9th phase of the BNTF – is to contribute to improvements in the living conditions of poor and vulnerable communities in participating countries. It builds on the commitment we made during the launch of the seventh phase BNTF, at which time we reaffirmed our commitment to deliver better outcomes for the people in our Region who live in poverty,” Best stated.
He reminded that the economies of borrowing member countries are small, while production and diversity are limited coupled with their extreme vulnerability to natural hazards. “Amid all this poverty is persistence,” he emphasized. Best pointed out, too, that the United Nations 2030 Agenda for Sustainable Development recognizes that ending poverty in all its forms and dimensions including extreme poverty remains the greatest global challenge.
“Ladies and gentlemen, these very real challenges and this ambitious agenda illustrates why partnerships like ours are critical to maintain. We must continue to confront poverty head on,” he said. The CDB officials said it for this reason the bank through BNTF supports governments in the poverty reduction efforts which give rise to socio-economic development, environmental protection and sustainable development. “I am pleased to report that CDB has negotiated an increased contribution to the BNTF from the special development fund. With this additional funding, we are better position to design and implement a more nimble BNTF programme with an even bolder agenda for tackling poverty in the region,” he disclosed. Guyana’s participation in the BNTF dates back to 1993 when the country accessed its first loan from the BNTF under the third cycle. Since then Guyana has benefited from successive cycles for an accumulated amount of US$30.1M.
