Guyana seeing value for money from CDB funded projects – Minister Singh reports at CDB at annual Board of Governors meeting in St Lucia
Development projects funded by the Caribbean Development Bank (CDB) in Guyana have proven to be worthwhile investments, Guyana’s Minister of Finance Dr. Ashni Singh reported to the Institution’s Board of Governors at its 43rd Annual Meeting in St Lucia today.
During the forum attended by St Lucian Prime Minister Dr. Kenny Anthony, and CDB President William Warren Smith, Minister Singh made reference to the BNTF that has supported health, education, water and sanitation, infrastructure and skills training, throughout the length and breadth of Guyana.
“Projects funded by grant resources administered by the Bank continue to be a critical component of our financing portfolio, and the Basic Needs Trust Fund (BNTF) is foremost amongst these,” Minister Singh said.
A few examples were cited like Abiola Wilkie of Buxton, a 34- year old woman whose principal source of income was from poultry farming, and who was trained in Information and Communication Technology (ICT) under a BNTF training programme.
“Having completed the training, Ms. Wilkie has become proficient in the use of standard office software and now supplements her income from poultry farming with her earnings as an ICT trainer, having obtained part-time employment in the latter capacity, Minister Singh reported.
Nineteen-year-old Sewram Sewlochan from Bath village who obtained employment as an ICT trainer with Government’s One Laptop Per Family Programme (OLPF) through BNTF, furthered his studies at the New Amsterdam Technical Institute and supplements his income by working as a part-time computer technician in his community was another success story.
“These life changing stories are replicated hundreds of times over across Guyana, and prove the worth of the BNTF programme to the most vulnerable,” Minister Singh said.
The CDB has had significant input in the ongoing efforts by the Government in improving the quality of life of its citizens, and while chronicling these efforts Minister Singh referred to the US$34 million loan that was approved last year to finance the rehabilitation of the West Coast Demerara Road, a major highway linking large residential, commercial, and agricultural communities.
Finance Minister Dr. Ashni Singh
It was the single largest project approved by the Bank in 2012, according to Minister Singh adds to the US$16 million loan to finance improvement of community roads in several coastal villages that is currently in an advanced stage of implementation.
“The CDB continues to prove its worth as a reliable partner in Guyana’s development efforts, with investments in our country’s physical infrastructure and education sectors featuring prominently in the Bank’s portfolio in Guyana,” Minister Singh said.
Positive growth in the economy over the last seven years and the indicators were detailed by Guyana’s Finance Minister including achievement of the Millennium Development Goals (MDGs) with the support of development partners.
Amidst the gratitude, Minister Singh was not silent on the concerns over policy changes in the financial institution like the 38 percent decline in gross loans, equity and guarantees approved, the 41 percent decline in loan disbursements, and the 377 percent reduction in net transfers resulting in negative net transfer of resources to borrowing member countries for the first time since 2000. At the same time, there is equal concern over the recent downgrading of the Bank’s credit rating.
“These are all developments that must be arrested and reversed forthwith, and we urge Directors and Management to take all necessary steps to accomplish this. The Region has real and urgent needs, and the Bank has an indispensable role to play in helping to meet these needs,” Minister Singh said.
The CDB in Minister Singh’s view was much more than a lending institution, but an endowed regional repository of expertise that must be mobilised in aid of a more effective response.
“I look forward to discussions with my colleague Governors and the rest of the leadership of the Bank during the roundtable sessions, and I view this as an excellent initiative to enhance the effectiveness of the working sessions and outputs from these Annual Meetings. I also wish to reiterate that Guyana remains strongly committed to our ongoing effective collaboration with President Smith and his team in the discharge of the Bank’s development support mandate in Guyana and the rest of the Caribbean,” Dr Singh said.
The 43rd Annual Board of Governors Meeting featured a roundtable session, that Minister Singh was optimistic, will enhance the effectiveness the Bank’s outputs.
