A US$150 million agreement was signed on Friday to finance infrastructural works in Guyana’s housing sector and the construction of the Wismar Bridge in Region 10.

The Memorandum of Understanding (MoU) was signed by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, on behalf of the Guyana Government, and Chief Executive Officer (CEO) of the Saudi Fund for Development, Sultan A. AlMarshad, on the sidelines of the 2023 Islamic Development Bank (IsDB) Group’s Annual Meeting which is currently underway in Saudi Arabia. Dr. Singh is leading Guyana’s delegation.

According to a Ministry of Finance press release, the MoU concerns the Saudi Fund’s participation in the financing of development projects in Guyana.

It added that during the signing, Dr. Singh, on behalf of the Guyana Government, thanked the Government of the Kingdom of Saudi Arabia for its invaluable cooperation and partnership in Guyana’s development.

“As the Government of Guyana continues its aggressive drive to transform the country’s landscape, this transformation is particularly visible in the area of transport infrastructure,” the release said, adding that work has advanced on several key projects including the new US$261 million high span bridge across the Demerara River, the US$190 million Linden to Mabura Road, and a bridge across the Corentyne River.

In Budget 2023, $136.1 billion was allocated for the enhancement of the roads and bridges network across the country.

With regards to housing and urban development, government has been working assiduously to fulfill its Manifesto promise of providing 10,000 house lots to citizens each year and it has been well on the way to achieving its 50,000 target this term, with over 20,000 delivered in its first two years in office. In Budget 2023, $54.5 billion was allocated for housing development in new and existing areas, the release pointed out.

According to the Finance Ministry, Dr. Singh, on Thursday, attended the meeting’s opening ceremony at the King Abdullah Congress Centre in Jeddah.
The theme of this year’s four-day forum is “Partnerships to Fend off Crises” and it ends today.

In attendance are delegations from the group’s 57 member countries in addition to observers from international and regional organisations who have gathered to discuss development issues and institutional matters.

The Saudi Fund for Development finances development projects in developing countries by granting them loans, the technical aids necessary for financing studies and institutional support, the release added.