GUYANA’S social development agenda is being further boosted as the South American nation has secured a US$350M loan from the Inter-American Development Bank (IDB).

The policy-based loan serves as a commitment on Guyana’s part to inclusive reform and modernisation of its social protection systems.

According to a release from the IDB, in approving this second and final operation in a programmatic series (the first of which was co-financed with Global Affairs Canada), the IDB recognises “Guyana’s strong macroeconomic performance and its commitment to inclusive social reform.”

Further, it was said that the loan will support the Ministry of Human Services and Social Security (MHSSS) in enhancing the efficiency and reach of its social safety net, with a focus on digital transformation, inclusion, and empowerment of vulnerable groups.

Notably, one of the cornerstones of this initiative is the digital transformation of social services, aimed at streamlining processes and improving access for citizens.

Moreover, it was said that the enhanced senior citizens’ pension programme supported over 82,000 senior citizens expanded access to electronic payment systems.

Support for persons with disabilities is also expanding, with more than 6,000 individuals already benefitting from public assistance.

Also, on the subject matter of the growth of the learning lab, the scaling up of training programmes to equip persons with disabilities with employability skills, adaptive living techniques, and tools, has improved quality of life.

The IDB also made note of the expansion of the Women’s Innovation and Investment Network (WIIN) Business Clinic to provide women with training in business management and legal literacy, and access to funding.

The loan also backs critical protection services, including strengthening the Survivors Advocates Programme and the Counter Trafficking in Persons Unit, to provide comprehensive support to survivors.

A national action plan against human trafficking is also in the works to support the development of a coordinated, inter-institutional strategy to combat human trafficking.

“These initiatives, launched in 2023, reflect a holistic approach to social protection, targeting the most disadvantaged and underserved populations in Guyana.”

“The IDB loan features a 20-year amortisation period, a 5.5-year grace period, a one-year disbursement window, and a SOFR-based interest rate,” the release said.

It further stated that this operation showcases the IDB’s commitment to supporting Guyana’s social development agenda that provides opportunities for all and is geared towards building a more resilient society.