The Government of Guyana, as part of its Integrated Transport Corridors Project, has inked a US$156 Million loan agreement with The World Bank.
Senior Minister with Responsibility for Finance, Dr. Ashni Singh, signed the agreement on behalf of the Guyana Government, while the World Bank’s Vice President for the Latin America and Caribbean Region, Susana Cordeiro Guerra, signed on behalf of the World Bank.
The project is expected to boost Guyana’s transport infrastructure sector with major upgrades and rehabilitation of several roads across the country, with a focus on enhancing the country’s transport network in selected regions in order to allow for better equipped infrastructure that could withstand natural hazards while providing safer and more reliable movement for persons.
The Finance Minister welcomed the World Bank’s engagement, noting that the ITCP project will make a tremendous contribution to the Government’s ongoing efforts to expand and upgrade the country transport networks.
“This project has the potential to help unlock increased production and productivity in our non-oil economy, such as through farm to market roads which facilitate both production and trade, as well as to improve connectivity between communities,” Singh said.
Singh also said the Government has an aggressive transport infrastructure agenda to improve connectivity with its neighbours to promote deepening of trade ties, as well as to unlock productive capacity and productivity domestically with heavy investment in infrastructure to connect production to markets and to connect communities. The loan is expected to have a major input in some of those projects.
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