European Investment Bank looks to rekindle loans to local businesses
January 31, 2013, By KNews, Filed Under News, Source
The European Investment Bank (EIB) is exploring ways to lend its money to Guyana.
Head of Regional Representation for the Caribbean at the EIB, Yves Ferreira, yesterday wrapped up a four-day visit to Guyana after engaging in a series of meetings with various stakeholders as the bank seeks to identify lending opportunities in the private and public sectors.
EIB’s Yves Ferreira, EU officials and representatives of the private sector at the meeting yesterday.
According to the EU, over the past days Ferreira met with Dr. Ashni Singh, Minister of Finance, representatives from the local commercial banking sector, the Guyana Power and Light Inc., Guyana Water Incorporated, Inter-American Development Bank and CARICOM.
The banker ended his mission by meeting with representatives of the private sector where “the potential of investments from the EIB was well received.”
According to the EU, in particular, the EIB identified financing opportunities above all in renewable energy, water management and in small and medium sized enterprises (SME).
In the past, the EIB committed a total of 63M Euros in Guyana through nine transactions focused on financing of sectors such as forestry (five per cent), mining (58 per cent), water and sanitation (15 per cent) and the financial sector to support micro, small and medium sized companies’ development (22 per cent).
As the last project was implemented in 2004, both the Guyanese partners and Ferreira agreed that the time to reset mutual cooperation is now.