Guyana “an attractive place to be” – US EXIM Bank Chairman

Having invested millions of United States dollars into the transformative Gas-to-Energy (GtE) project, Chairman of the US Export-Import (EXIM) Bank, John Jovanovic, has said that Guyana is an attractive destination for investments.

He made this remark on Thursday while on a visit to Guyana, during which he visited the US$759 million GtE project site, an initiative that the US financial institution has injected a whopping US$527 million into following the signing of a loan agreement in January 2025.

In brief remarks following the visit to the project’s Wales, West Bank Demerara, location on Thursday morning, the US EXIM Bank official said this is a positive signal.

“It was important to visit the project this morning with our entire team to gauge its progress because we think it’s a very important signal to investors all around the world that Guyana is an attractive place to be and that the US-Guyana relationship is verystrong,” Jovanovic told the state-owned National Communications Network (NCN).

The US EXIM Bank chairman was in Guyana for high-level meetings focused on strengthening economic cooperation, discussing the country’s transformative Gas-to-Energy project, and reaffirming strong support for future opportunities in Guyana.

The EXIM Bank is the official export credit agency of the United States. In fact, the US$527 million loan for the transformative GtE project is part of US$2 billion in funding that the EXIM has made available for Guyana.

Back in July 2022, Guyana and the US EXIM Bank had signed a Memorandum of Understanding (MoU) for financing of up to US$2 billion for projects in several sectors, including infrastructure, energy, telecommunications, water treatment and sanitation, and agriculture.

The MoU provides a framework within which financing can be provided by EXIM to advance developmental projects either by the state or the private sector in Guyana while promoting the export of US-made goods and services.

Current and future projects

In fact, the Guyanese Government is now exploring other potential projects to tap into the remaining EXIM funding.

During a working lunch hosted by President Dr Irfaan Ali for Jovanovic and his delegation at State House on Thursday, they discussed current and future projects.

According to a brief statement from the Office of the President, “Discussions centred on strengthening relationships, the Gas-to-Energy project and other ongoing projects the bank is supporting in Guyana.”

“President Ali and Mr Jovanovic also discussed areas of priority, including food security, Government efficiency and security for Guyana’s development.”

During that engagement, the Guyanese leader was joined by several members of his cabinet and the chief of defence staff of the Guyana Defence Force (GDF), Brigadier Omar Khan. Additionally, US Ambassador to Guyana, Nicole Theriot, also attended the meeting.

GtE progress

Also at that high-level engagement was Prime Minister (PM) Brigadier (Ret’d) Mark Phillips, who had accompanied the visiting officials to the GtE project earlier on Thursday.
During the visit, PM Phillips, whose office has responsibility for the country’s energy sector, highlighted the continued progress of the Gas-to-Energy project.

Since his last inspection in January, the PM said he noted significant advancement. He emphasised that works are progressing steadily, with the installation of piping scheduled to begin within two weeks, following completion of pipe racks and ongoing foundation works.
The workforce on the GtE project is expected to rise to 1100 and peak between 1400 and 1600, with 12 hour shifts supported by onsite accommodations.

Dubbed as the largest infrastructure investment in Guyana’s history, the Gas-to-Energy project comprised a 300-megawatt (MW) combined-cycle power plant and a Natural Gas Liquids (NGL) facility. The 300-MW combined cycle gas turbine power plant is expected to come on stream by this yearend.

Once completed, this project will double the country’s installed electricity capacity, reduce electricity costs by 50 per cent for all Guyanese households and businesses, and cut carbon dioxide emissions by more than 460,000 tonnes annually.

The project is being executed by Houston-based contractor Lindsayca Inc, which said on Thursday that real progress is taking shape on site.

“The Gas to Energy project in Wales continues to advance with visible and measurable progress,” the company said in a Facebook post. “Following the successful advancement of key civil and foundational activities, the project is now progressing into mechanical installation, with major equipment already delivered and positioned on site and integration activities advancing daily.”

In order to meet the newest deadline of 2026 yearend, Lindsayca said operations continue across multiple work fronts, with several key activities carried out 24 hours a day, supported by a workforce of over 870 personnel and 240 units of equipment on site.

To date, more than two million man-hours have been completed safely. This progress is backed by a global logistics operation, with over 170 shipments from more than 20 countries, ensuring the timely delivery and integration of critical equipment.