–in areas of climate change, food security, energy security, President Ali says

SINCE the discovery of oil, Guyana has attracted significant attention from the international community and government is harnessing this interest to showcase the country’s capabilities of addressing pressing global challenges.

This was according to President, Dr. Irfaan Ali during a joint press conference with United States Secretary of State, Antony J. Blinken, at State House, on Thursday.

President Ali said that Guyana’s intention is to leverage its oil discoveries to foster strong global leadership in these critical areas.

“We’re utilising that interest to showcase Guyana not as an oil and gas producer, but as a country that has the ability to provide strong global leadership on climate change, food security, and energy security,” the President said.

Acknowledging China as one of Guyana’s development partners, President Ali drew attention to the Asian country’s global footprint and the aggressive approach of Chinese companies in pursuing business opportunities.

He said that this assertiveness is now being mirrored by investors from various parts of the world, who are increasingly interested in Guyana.

The President said that, prior to oil, Guyana was relatively unknown globally, but the discovery of oil and gas resources has sparked significant international interest.

The Head of State highlighted the significant increase in foreign direct investment (FDI) in Guyana over the past three years, particularly from the United States.

“I said before, publicly, that the aggression from the US private sector was not there in terms of going after the opportunities, but as a result of the strong bilateral relationship over the last few years and setting that tone and creating that policy environment, and building that trust we have seen a complete change from the US private sector.

“And this is as a result of both countries at the policy level, saying to the private sector, saying to the investors there is the opportunity, we are welcoming that opportunity. And that has created a positive shift, more and more investment is coming from the US,” the President said.

He also announced that, in 2022, Guyana witnessed a historic rise in foreign direct investment from the United States, reaching an impressive US$4.2 billion.

The President attributed this achievement to the strong bilateral relationship and a conducive policy environment that has fostered trust between the two nations. The collaborative efforts of both countries in encouraging private sector investment have led to a notable shift, with US companies now actively pursuing opportunities in Guyana.

The Head of State referenced the fruitful partnership with the Export-Import Bank of the United States of America (Exim Bank), which has unlocked a substantial $2 billion programme for Guyana.

The memorandum of understanding (MoU) signed between the two entities encompasses diverse sectors such as infrastructure, energy, telecommunications, water treatment and sanitation, and agriculture, identifying those as key areas for future projects.

President Ali highlighted that Guyana’s investment portfolio has diversified, with a growing reliance on financing from the United Kingdom’s export credit agency, UK Export Finance (UKEF).
Expanding its financing network, Guyana has also entered into partnerships with countries in the Middle East. President Ali mentioned successful programmes with the Islamic Development Bank, the Saudi Development Fund, and ongoing collaborations with the Qatari Development Fund and the United Arab Emirates.