Finance Minister discusses funding for GtE Project with US EXIM Bank Senior VP

The content originally appeared on: INews Guyana
Finance Minister Dr Ashni Singh and other officials from his ministry meeting with US EXIM Bank’s Senior Vice President David Sena and his team on Friday

Senior Finance Minister Dr Ashni Singh on Friday met with the Senior Vice President of the United States Export-Import (EXIM) Bank, David Sena, to discuss financial support towards Guyana’s transformational Gas-to-Energy project.

In July 2022, the Government of Guyana and the EXIM Bank of the United States signed a historic US$2 billion Memorandum of Understanding (MOU), with specific focus on infrastructure, energy, water and sanitation, information and communications technology and agriculture.

A model of Guyana’s Gas-to-Energy Project

Government subsequently applied for a US$646 million loan from the US EXIM Bank in April this year to finance the Gas-to-Energy project, which includes the construction of an Integrated Natural Gas Liquid (NGL) plant and a 300-megawatt (MW) combined cycle power plant at Wales, West Bank Demerara (WBD) utilising natural gas from the country’s offshore operations.

When completed, this project is expected to significantly reduce electricity costs, increase the competitiveness of other industries, and reduce the nation’s reliance on heavy fossil fuels.