…to submit list of proposed projects for funding

GUYANA is to submit to the Chinese government a list of proposed projects, in order of priority for consideration now that the two countries have signed a Memorandum of Understanding (MoU) within the Silk Road Economic Belt and the 21st Century Maritime Silk Road Initiative.

Minister of State, Joseph Harmon at a post-cabinet press briefing held at the Ministry of the Presidency told the media that Minister of Foreign Affairs, Carl Greenidge briefed Cabinet on July 31, about the MoU between the two countries. According to Harmon, “It was explained that the initiative was extended to make available resources to recipient countries such as Guyana for projects related to transportation, information and communication technology, technical assistance and capacity building to enhance trade and investment relations with China.”

Guyana has now joined Panama, Bolivia, Trinidad and Tobago and Antigua and Barbuda as countries in Latin America and the Caribbean that have signed on to the belt and road initiative.

Minister Harmon made it clear that there is “absolutely no reason” why Guyana should not take full advantage of such a project. He assured that the Guyana Government has carefully identified projects with clear timelines for completion. “A project such as this that is transformative in nature, I believe there is absolutely no reason why Guyana should not take advantage of it. I have read about the experience of Pakistan but we have basically taken our time, we have carefully identified projects and we have clear timelines and careful monitoring of these projects. I don’t think people need to fear that these projects will go the way of Pakistan,” Harmon stated.

Last month, when the two countries signed the agreement it was said that Guyana will benefit significantly in the areas infrastructure development, trade and investment and other critical areas of mutual interest. The pact will foster enhanced cooperation between the two countries in five critical areas, namely: Policy coordination; facilities connectivity; trade and investment; financial integration; and people-to-people interaction.

Minister Greenidge just after the signing of the MoU told reporters that major emphasis will be placed on infrastructural development during the initial phases of the implementation of the agreement.

Noting that Guyana’s inadequate infrastructure serves as a constraint to investment, Minister Greenidge said: “It also serves as a constraint to identification and access to markets, so one of our main priorities at this time is to work on the development of infrastructure.” “That would include assistance with the designs of roads and harbours and the like, as well as access to funding for the construction for such facilities,” he explained while pointing out that through the Silk Belt and Road Initiative, the Chinese Government has already made available over US$50B in funds for utilisation by Member States within Latin America and the Caribbean.

Noting also that Guyana and Brazil have already considered tapping into the multi-billion-dollar fund, Minister Greenidge said: “We have been speaking to all bilateral and multilateral partners. During our discussions with the Brazilians, we did discuss and explore the possibility of using funding from the Latin America China Funds to fund the road; that is something very much on the cards, and something we are working on.”

The road at reference is the stretch of road from Kurupukari in Region 10 (Upper Demerara-Berbice) to Lethem in Region Nine (Upper Takutu-Upper Essequibo). Guyana has already secured funding for the paving of the road from Linden to Mabura. The minister did not rule out the possibility of Guyana securing finance under the Silk Belt and Road Initiative for the construction of the new Demerara Harbour Bridge, saying that seven Chinese companies were among a batch of eleven companies that submitted tenders to prequalify for the financing, designing and building of the bridge. The Chinese Ambassador told those present that the signing represents a new and promising chapter for our two countries, and that Guyana is the first country in South America and the first English-speaking one in the Caribbean to sign such a treaty with China.