ATTORNEY General and Minister of Legal Affairs, Anil Nandlall, has said the planned entry of two United States companies into Guyana’s housing sector, with financing from the U.S. Export-Import (EXIM) Bank, signals growing international confidence in the country’s investment climate and development agenda.
During an airing of his show, ‘Issues in the News,’ Nandlall stated that the development reflects a significant change in the willingness of major international financial institutions to finance projects in Guyana.
The companies are expected to work together on the construction of approximately 10,000 homes under Guyana’s affordable housing initiative, with the financing arrangement providing support for the planned investment.
“These are signals from huge financial giants that they have confidence in Guyana. That they have confidence in the Government of Guyana. That they have confidence in investing in Guyana,” he said.
Against this backdrop, Nandlall said that about two decades ago, international financial institutions were generally unwilling to finance projects in Guyana, but said the country is now attracting financing from several major institutions.
“Twenty years ago, none of these banks were prepared as far as I am aware, to finance projects in Guyana,” he said.
He identified the United Kingdom Export Finance facility, India EXIM Bank, China EXIM Bank, U.S. EXIM Bank and Deutsche Bank as being among the institutions now financing or supporting investments in Guyana. He also highlighted that the African Export-Import Bank has signalled an interest in funding projects in the country.
According to the Attorney General, the financing that is being attracted extends beyond private-sector investments to major national development projects, including hydropower plants, gas-to-energy facilities, highways, deep-water harbours, airports, river dredging, and investments in the security sector.
As such, he disclosed that the planned entry of U.S. companies into the housing sector is particularly significant because housing development is traditionally an area in which local private-sector businesses play a major role.
“Here we have two U.S. companies. I believe one from Indiana and one from some other part of the U.S., what they call the heartland of the U.S. are prepared to invest in Guyana,” he said.
The housing investment comes as Guyana continues to expand its housing programme, with the government seeking to increase access to homeownership while accommodating growing demand for residential development.
To this end, the Attorney General reiterated that the financial institutions’ involvement indicates confidence that projects being financed are feasible and viable, and that investments made in Guyana can be supported by the necessary financial arrangements.
The Attorney General added that the growing availability of international financing is helping to support the country’s wider development priorities, with housing now joining energy, transportation and other major infrastructure areas benefiting from such arrangements.
