Senior Finance Minister, Dr Ashni Singh and officials from the Finance Ministry on Monday met with Chief Executive Officer of Inter-American Development Bank (IDB) Invest, James Scriven and team to examine the wide range of Private Sector opportunities in Guyana that the Bank can support.
Later in the day, Dr Singh hosted a roundtable meeting with representatives of the Private Sector and Scriven and team to discuss Guyana’s development agenda.
IDB Invest is the private sector arm of the IDB. Its aim is to advance economic development and improve lives by encouraging growth of the private sector. Minister Singh was joined by Minister of Public Works, Bishop Juan Edghill and Minister of Housing and Water, Collin Croal while the Private Sector team was led by Chairman of the Private Sector Commission, Paul Cheong.
The Government of Guyana has been working aggressively (since its assumption to office in August 2020) to create the conditions for Private Sector-led growth with Government policies designed to create jobs and allow for income generation. The meeting focused on the wide range of Private Sector opportunities for possible investment by the Bank such as an expansion of trade financing with commercial banks and providing support to micro-enterprises.
Additionally, discussions centred on various sectors poised for rapid expansion including oil and gas, agriculture and agro-processing, tourism and Information Communications Technology (ICT) such as the Business Process Outsourcing (BPO) sector. It also allowed for an examination of available financing instruments, various mechanisms and modalities of accessing this financing and examples of how these mechanisms have worked in other countries. IDB Invest offers an array of investment opportunities and provides its clients with customised financing solutions and expert advice, tailored to their specific industry and market.
IDB Invest was formerly known as the Inter-American Investment Corporation (IIC). The entity partners with the private sector in Latin America and the Caribbean to finance projects to advance clean energy, modernise agriculture, strengthen transportation systems and expand access to financing. Financial solutions offered by IDB Invest include trade and supply chain finance, blended finance, guarantees, equity and loans.
On Monday last, during the 2022 annual meeting of the Boards of Governors of the IDB and IDB Invest, held virtually, Minister Singh lauded the commitment of the IDB Group to the continued support to the Caribbean sub-region. The Minister was speaking on behalf of the Bahamas, Barbados, Guyana, Jamaica and Trinidad and Tobago, the smallest member countries of the IDB Group.
Last week, the Senior Finance Minister hosted a similar roundtable discussion between the World Bank and the private sector, led by Country Director for the Caribbean Lilia Burunciuc and new Resident Representative of the Bank Dilletta Doretti.
That meeting served as an opportunity for dialogue on the Government’s economic objectives and priorities and potential opportunities for World Bank support through its assistance and lending programmes.