A BUSINESSMAN is investing $500 million to develop the first waterfront port facility in Friendship, East Bank Demerara, that will create over 50 jobs when completed under the name “Friendship Port Facility.”

The company, which owns a cargo vessel, will utilise the port facility to import cement and aggregate to assist in developing Guyana’s construction and infrastructure works.

The facility will also accommodate other vessels and marine activities to serve the Wales Gas to Shore project and other services in the oil and gas sector.

According to the developer, the land was a swamp covered in thick vegetation, and tremendous work is being undertaken with the employment of 20 persons currently.

When completed, he said, the facility will work to achieve and operate under the International Ship Security System Certification (ISPS) and International Organization Standardization (ISO) certifications.

The intended development will fill the gap for oil and gas support services to meet the rapidly expanding offshore operations while providing a range of services geared toward economic development onshore. These will be carried out with the local economy benefitting from employment, duties and taxes, ancillary goods and services, and capacity-building.

The facility is also expected to equip and bring value to the management and operations of the overall industry.