Guyana and IDB Group Forge Educational, Energy, and Private Sector Development Pacts

Guyana is embarking on a new chapter of substantial development, with the International Development Bank Group (IDB Group) playing a strategic role in fostering progress in education and energy, as well as bolstering the private and tourism sectors. A set of six pivotal agreements was signed between Guyana and the IDB Group as a significant move to reinforce their collaboration for national advancement.

Strengthening Education and Energy

The agreements inked target the enhancement of Guyana's education sector, with an initiative set to benefit around 9,000 primary learners via an investment of US$90 million. This investment aims to build new primary schools, refurbish existing ones, and equip thousands of students and teachers with digital devices. A US$5 million grant further aims to develop educational leadership across various levels. In the energy sector, a US$26.9 million amendment focuses on diversifying and ensuring the reliability of the energy matrix, impacting roughly 200,000 citizens.

Empowering the Private Sector

IDB Invest has committed to nurturing the private sector through several partnerships. A US$14 million finance deal will enable Muneshwers Limited to escalate cargo handling operations, while Texila American University will benefit from a combination of a senior loan and additional bank financing totaling US$9 million, earmarked for expanding its facilities. Furthermore, IDB Invest is collaborating on a sustainable tourism project, involving a US$22 million loan for a mixed-use development featuring a Sheraton Hotel, set to create jobs and support local communities.

Social and Economic Contributions

These agreements are designed not only to elevate Guyana's infrastructure and services but also to make a broader social and economic impact, aiming to foster sustainable development and conformity with various United Nations Sustainable Development Goals.

education, energy, development