Guyana to access Norway funds after elections – President ... says for now, focus is at home
Written by Johann Earle
Tuesday, 08 November 2011 02:31
Source - Guyana Chronicle
President Bharrat Jagdeo is confident that after the elections are over, Guyana will be able to tap into the Norway funds already deposited in a World Bank account, to finance a range of projects aimed at solidifying Guyana on a low-carbon development pathway. Tied up in the Norway funds is money that government hopes to use to provide equity financing for the Amaila Falls Hydro Project, the demarcation of Amerindian lands, and the provision of solar panels for Amerindian communities. The hydro project is being given heavy focus during the PPP/C elections campaign, and it is a feature of every speech that Presidential Candidate Donald Ramotar gives on the campaign trail.
“The position is the same so far...the money is deposited. It’s US$70 million,” the President said in a comment to the Guyana Chronicle on Friday night.
Guyana and Norway signed an historic Memorandum of Understanding in November 2009 in the Amerindian village of Fairview in the Rupununi. Signing for Guyana was President Jagdeo, while Environment Minister of Norway, Erik Solheim, signed on behalf of Norway.
“What we have done is because of the elections, we have not been really pursuing it with any vigour. I guess immediately after the elections those funds will be unlocked,” he said. Elections will be held on November 28, 2011.
Over the past months, the President has been critical of a number of international agencies, including the World Bank, for the slothful manner of the disbursement of the funds, even though the Norwegian Government has already deposited the money with the World Bank, the Trustee. Speaking at the National Toshaos Conference some months ago, the President said that the Amerindian people can no longer wait for the money to come through the ‘pipeline’ to finance their projects.
“I think we have had some good discussions with the World Bank and with Norway, and there seems to be a clear path ahead, where we will have the funds disbursed for these projects. So I am hopeful. But right now our focus is back home,” President Jagdeo said.
On July 18, 2011, the World Bank, as Trustee of the Guyana REDD Investment Fund (GRIF), received the second instalment of the Norway funds in the amount of NOK 213 million, or approximately US$38M, and as a result, there is now approximately US$68 million available for funding decisions by the Steering Committee.
The Steering Committee, on June 16, 2011, approved the concept note for the Institutional Strengthening in Support of Guyana’s Low Carbon Development Strategy (LCDS) project, and agreed to finance project preparation by the Inter-American Development Bank (IDB). The objective of this project is to enhance Guyana’s institutional capacity to address the impacts of climate change, ensure the effective implementation of the LCDS, and meet its commitments under interim REDD+ partnerships.
A sum of US$305,000 has been transferred from the Trustee to the IDB, the Partner Entity for the preparation of this project, the World Bank said in July.
The GRIF is a fund for the financing of activities identified under the Government of Guyana’s Low Carbon Development Strategy (LCDS). Based on independent verifications of Guyana’s deforestation and forest degradation rates and progress on REDD+ enabling activities, the Government of Norway has committed to provide up to US$250 million to the fund up to 2015.
Pending the creation of an international REDD+ mechanism, the GRIF represents an effort to create an innovative climate finance mechanism which balances national sovereignty over investment priorities with ensuring that REDD+ funds adhere to the financial, environmental and social safeguards of Partner Entities, the World Bank had said.
The GRIF funds could be used to finance any project that is included in Guyana's LCDS, is approved by the Steering Committee, and developed in compliance with the Partner Entity's safeguards and other policies, the World Bank said in a briefing note in July.
Written by Johann Earle
Tuesday, 08 November 2011 02:31
Source - Guyana Chronicle
President Bharrat Jagdeo is confident that after the elections are over, Guyana will be able to tap into the Norway funds already deposited in a World Bank account, to finance a range of projects aimed at solidifying Guyana on a low-carbon development pathway. Tied up in the Norway funds is money that government hopes to use to provide equity financing for the Amaila Falls Hydro Project, the demarcation of Amerindian lands, and the provision of solar panels for Amerindian communities. The hydro project is being given heavy focus during the PPP/C elections campaign, and it is a feature of every speech that Presidential Candidate Donald Ramotar gives on the campaign trail.
“The position is the same so far...the money is deposited. It’s US$70 million,” the President said in a comment to the Guyana Chronicle on Friday night.
Guyana and Norway signed an historic Memorandum of Understanding in November 2009 in the Amerindian village of Fairview in the Rupununi. Signing for Guyana was President Jagdeo, while Environment Minister of Norway, Erik Solheim, signed on behalf of Norway.
“What we have done is because of the elections, we have not been really pursuing it with any vigour. I guess immediately after the elections those funds will be unlocked,” he said. Elections will be held on November 28, 2011.
Over the past months, the President has been critical of a number of international agencies, including the World Bank, for the slothful manner of the disbursement of the funds, even though the Norwegian Government has already deposited the money with the World Bank, the Trustee. Speaking at the National Toshaos Conference some months ago, the President said that the Amerindian people can no longer wait for the money to come through the ‘pipeline’ to finance their projects.
“I think we have had some good discussions with the World Bank and with Norway, and there seems to be a clear path ahead, where we will have the funds disbursed for these projects. So I am hopeful. But right now our focus is back home,” President Jagdeo said.
On July 18, 2011, the World Bank, as Trustee of the Guyana REDD Investment Fund (GRIF), received the second instalment of the Norway funds in the amount of NOK 213 million, or approximately US$38M, and as a result, there is now approximately US$68 million available for funding decisions by the Steering Committee.
The Steering Committee, on June 16, 2011, approved the concept note for the Institutional Strengthening in Support of Guyana’s Low Carbon Development Strategy (LCDS) project, and agreed to finance project preparation by the Inter-American Development Bank (IDB). The objective of this project is to enhance Guyana’s institutional capacity to address the impacts of climate change, ensure the effective implementation of the LCDS, and meet its commitments under interim REDD+ partnerships.
A sum of US$305,000 has been transferred from the Trustee to the IDB, the Partner Entity for the preparation of this project, the World Bank said in July.
The GRIF is a fund for the financing of activities identified under the Government of Guyana’s Low Carbon Development Strategy (LCDS). Based on independent verifications of Guyana’s deforestation and forest degradation rates and progress on REDD+ enabling activities, the Government of Norway has committed to provide up to US$250 million to the fund up to 2015.
Pending the creation of an international REDD+ mechanism, the GRIF represents an effort to create an innovative climate finance mechanism which balances national sovereignty over investment priorities with ensuring that REDD+ funds adhere to the financial, environmental and social safeguards of Partner Entities, the World Bank had said.
The GRIF funds could be used to finance any project that is included in Guyana's LCDS, is approved by the Steering Committee, and developed in compliance with the Partner Entity's safeguards and other policies, the World Bank said in a briefing note in July.
