IDB Board to receive due diligence for US$840M Hydro Project in October
June 17, 2013, By KNews, Filed Under News, Source
The Inter-American Development Bank’s (IDB) ‘due diligence’ being conducted for its equity of $175M in the US$840M Amaila Falls Hydro Electric Project, should be completed by August.
Following this, the project will be submitted to its Board for consideration by October.
The IDB Country Representative, Sophie Makonnen, along with her Office Support Assistant, Sheron Roberts, last week met with APNU representatives, to discuss the current status of the bank’s involvement in the Amaila Falls Hydro-power Project.
The APNU delegation meeting with IDB resident representative Sophie Makonnen (right)
The meeting was convened at the request of Opposition Leader, Brigadier (rtd) David Granger, who was joined by the Shadow Ministers for Public Infrastructure and Communications, Joseph Harmon; Local Government and Regional Development, Ronald Bulkan; Foreign Affairs, Deborah Backer; Finance and Economic Development, Carl Greenidge, and Policy Advisor, E. Lance Carberry.
According to an APNU report, Granger in explaining the reason for requesting the meeting, pointed out that the Opposition needs to be kept informed of developments, particularly in view of the importance and likely impact of the Amaila project on the Guyana economy.
In that context, the Opposition requested copies of the key documents to facilitate its own assessments.
The IDB representative, Makonnen informed the APNU of the special procedures which are being used by the IDB in preparation for the eventual submission of the project to the IDB Board sometime in October 2013.
The documents explaining the IDB procedures will soon be made available to APNU.
A number of critical related studies are being undertaken, including a comprehensive Environmental Impact Study and an Economic Feasibility Study, along with a detailed evaluation of the Guyana Power and Light Company, to determine its capabilities and capacity to manage the power from the Amaila Hydro project.
This past week, Finance Minister, Dr. Ashni Singh, met with members of the media, but refused to disclose any concerns that the IDB may hold regarding the construction of the US$840M Amaila Falls Hydro Electric Project. He said that the due diligence being conducted by the IDB is at an advanced stage.
“I wouldn’t want to pre-empt the conclusion of the work by saying what the concerns are,” according to Dr. Singh, but he did disclose that all of the partners have been collaborating.
He said that each of the institutions involved would have its review processes that are ongoing; each of the hurdles met thus far have been overcome.
“The major international partners are at an advanced stage of due diligence….once complete, we should see the project approved.”
Dr. Singh said that he would not want to be tied to a date for financial closure, only to say that progress is being made.
