THE African Export-Import Bank (Afreximbank), on Thursday, officially handed over its loan proposal to the tune of US$500 million to Guyana, where the bank is set to support the country’s ongoing infrastructural boom.
The proposal was exchanged at the Baha Mar Convention Centre in Nassau, Bahamas, where the Afreximbank is hosting its 31st annual meeting alongside the third AfriCaribbean Trade and Investment Forum.
This proposal follows the announcement at last year’s forum which was held in Guyana that the country would secure the US$500 million funding from the bank.
At that time, President of the Afreximbank, Professor Benedict Oramah had said: “For Guyana, we’ve agreed to conclude a US$500 million transaction to support accelerated infrastructure development projects of the Guyanese government.”
The exchange of the loan proposal paves the way for an agreement to be met, a deal to be signed soon and the disbursement of the funds to Guyana for the intended projects.
This forms part of the US$1.5 billion facility that the bank approved for CARICOM states which is expected to increase when all 15 CARICOM nations sign on to the partnership treaty.
The gathering of African and Caribbean officials is expected to foster further collaboration and partnerships between the two regions.