–as President announces plans to engage US EXIM Bank on financing, technical support for energy infrastructure enhancements
GUYANA is moving to define a clear investment pathway for a suite of transformational initiatives that will underpin long-term economic growth and competitiveness, President, Dr Irfaan Ali has said.
In his address at the Georgetown Chamber of Commerce and Industry (GCCI) Annual General Meeting last week, the Head of State disclosed that the government will shortly hold high-level talks with the Export–Import Bank of the United States (US Exim Bank) to map out financing and technical support for key energy infrastructure projects.
“Very soon, we will be having high-level meetings with the US Exim Bank to define the path in terms of investment in the key infrastructure for [a] second gas project and building out the rest of Wales,” he said.
Construction of the second phase of the gas-to-energy (GtE) plant is expected to start this year.
Earlier this month, the first pipe rack for the GtE project arrived in Guyana, marking another key milestone in the ongoing development of the landmark energy initiative at Wales.
The Guyana Chronicle had previously reported that five firms have already been pre-qualified under a second Request for Proposals (RFPs) for another 300 megawatts (MW) plant, with bids expected by the end of March.
It is expected that part of the first phase of the Wales project will be operational by the end of this year, which will see 228 MW of power being delivered.
The GtE, a vital piece of Guyana’s development, is progressing well and is closer to fruition. It represents Guyana’s determination to use its natural resources to lower costs, expand industries and create new opportunities for citizens.
With over two-thirds of the work already done and strong collaboration among the government, ExxonMobil Guyana and contractors, the project has been moving steadily towards completion
Already, the government has talked of plans for a second gas plant to meet the country’s growing energy demand.
According to Dr Ali, these projects are central to the government’s strategy to boost productivity across the economy, especially in sectors such as agriculture and manufacturing, while also ensuring that energy and input costs are kept in check.
He stressed that the investment programme is not merely about large-scale construction, but also about creating a more competitive and resilient economic base capable of sustaining high levels of growth over the medium to long term..
The President also underscored the strategic importance of completing a deep-water port, describing it as indispensable to Guyana’s ambitions as a rapidly expanding oil-producing and export-oriented economy.
He warned that without significantly increased port capacity, Guyana’s ability to handle larger vessels and greater volumes of trade would remain constrained.
“If we can’t have greater and bigger capacity coming in, then we will always be shooting in the dark,” Dr Ali cautioned, pointing to the need for modern port infrastructure to support larger shipments and more complex logistics.
The deep-water port, he argued, is essential not only for current trade flows but for future industrial and commercial growth, including the export of value-added products and the servicing of regional and international markets.
Dr Ali also warned that the world was entering a “frightening” period of disruption driven by attacks on critical infrastructure and chokepoints in international shipping routes.
According to President Ali, “over the last couple of days, 17 per cent of energy capacity has been affected, dismantled and can be considered lost.”
He pointed, too, to a 25 per cent jump in fertiliser prices and rising fuel and freight costs, warning of cascading consequences for food security and global manufacturing.
