Guyana and China sign another grant agreement – to fund mutually agreed projects

Today, Minister of Finance Dr Ashni Singh and, Ambassador of the People’s Republic of China to Guyana Zhang Limin signed yet another Agreement on Economic and Technical Co-operation which will provide RMB¥50,000,000 (equivalent to US$M8.16 or G$B1.689) for the implementation of bilateral co-operation projects to be agreed upon by the two Governments.

Over the years, Guyana has benefited significantly from several interventions from the People’s Republic of China in areas such as health, trade, infrastructure, energy, mining, transport and communication, agriculture, sport and culture among others from the Technical Cooperation Agreement Grants.

Finance Minister Dr. Ashni Singh and Chinese Ambassador Zhang Limin sign 50 million Rb( US $8.16 million) grant agreement.

Another gesture of the continued bilateral co-operation between the two countries resulted in the Government of the People’s Republic of China delivering, during January 2012, two new state-of-the-art ferries – MV Kanawan and MV Sabanto to improve river transport between the counties of Demerara and Essequibo.

In November 2012, the Governments of Guyana and the People’s Republic of China signed a Concessional Loan Agreement valued at RMB¥825,000,000 (equivalent to US$130,000,000) for the Cheddi Jagan International Airport Expansion Project. The project entails the construction of a new terminal building, the extension of the runway and the general enhancement of the airport facilities to accommodate larger aircraft and the increasing arrival and departure of passengers.

Other concessional loans include the E-Government valued at US$32.0 Million and the US$38.96 Guyana Power and Light (GPL) Transmission and Distribution projects which were signed in 2011 and 2010, respectively.

The former aims at improving the communication infrastructure for government ministries and agencies and involves the establishment of a data centre and the construction of Long Term Evolution (LTE) towers along the coastal belt to provide reliable internet access.

Finance Minister Dr. Ashni Singh and Chinese Ambassador Zhang Limin exchange agreements for a US $8.16 million grant accord

Meanwhile, the GPL Transmission and Distribution Project which began in 2010 would assist in strengthening the current electricity network and seeks to stabilise power supply and reduce production costs through the construction of several substations along the coast together with the installation of transmission lines and fibre optic cables linking each substation.

In responding to the Ambassador’s remarks, Minister Singh expressed his appreciation for China’s support to Guyana’s economic and social development and acknowledged the meaningful assistance provided by the Government and people of China over the years. Minister Singh made specific reference to the long-standing historical friendship between the two countries and emphasised that Guyana was the first Caribbean country to establish formal diplomatic relations with China after receiving its independence.

He expressed thanks to the Government and people of China for their contribution towards the advancement of Guyana’s social and economic development by improving the lives of Guyanese through their collaboration in transformative projects in Guyana.

China can't shell out US$850 millions to Guyana to build the Hydro-Project?