Since 2007, the Venezuelan government, through transactions, donations, or grants, has given Guyana some USD 285 million.

Only for joining regional oil alliance Petrocaribe, since 2007 Guyana has received 5,200 barrels of oil per day, which amount to half of its consumption.

Under Petrocaribe terms and conditions, 50% of the oil bill is financed if oil prices hit USD 100, with a 25-year repayment period, at a 1% annual interest, and the debt can be repaid with goods or services at preferential prices.

On average, Venezuela fails collect USD 53 million annually for such an agreement with Guyana, according to a report by the Research and Analysis Unit of opposition Primero Justicia party.

Venezuela offered in 2010 to double oil shipments.

The extensive facilities provided in connection with the oil supply are in contrast to the bulk purchase of Guyanese rice by the Venezuelan government.

Since 2009, Venezuela has initialed four agreements to purchase rice from Guyana totaling USD 165.8 million. The latest instrument was signed last Friday and according to the Guyana Ministry of Agriculture, it provides for higher prices than those in the world market.

In 2007, Venezuela also forgave a debt that Guyana contracted in 1974 amounting to USD 15 million, out of which Georgetown only repaid USD 2.5 million.

Further, a homeless shelter in the town of Onverwagt is being built with Venezuelan financial aid. The shelter should have been completed in August 2010, but the opening date was postponed until 2011.

The five-building homeless shelter is being built on a 740-hectare plot of land. It will accommodate 200 men and 100 women in separate bedrooms.

Additionally, in 2008, the Venezuelan government gave USD 37,500 in flour, rice, oil, and onion to 75 local farmers in Buxton, 11 miles from Georgetown.

The Venezuelan government's unconsulted donation ignited discomfort in Guyana, and Georgetown sent a notice to Venezuelan ambassador Darío Morandy.

An agreement to improve the cooling system for perishable goods was achieved between Venezuelan President Hugo Chávez and his Guyanese counterpart Bharrat Jagdeo in July 2010 in Caracas.

The agreement includes the construction of storage facilities at the Cheddi Jagan international airport in Georgetown.

At that time, the Venezuelan president announced the approval of funds to update the hydrographic data of Guyana rivers Mahaica, Mahaicony and Abary -which is required to complete their dredging. Such works will be performed with Venezuelan cooperation.

http://www.eluniversal.com/nac...guyana-in-five-years