GEORGETOWN, Guyana, CMC – United States, Assistant Secretary of State for Western Hemisphere, Brian Nichols, has confirmed that Guyana has received initial approval for a US$500M loan from the US Export-Import Bank for its Gas-to-Energy project.
Guyana approached the bank seeking US$646m to assist with the construction of the project.
Speaking during a media briefing on Monday, Nichols said that in addition to the loan, the US sees Guyana as a strategic partner and has been forging increased partnerships in several areas.
“The strategic elevation of our relationship with Guyana, the fastest-growing economy in the world, provides further proof that these partnerships produce results. Our interagency partners at U.S. Southern Command strengthened bilateral defense cooperation through medical missions, flood relief operations, joint training exercises, and military equipment transfers. We also partnered with US companies, which invested more than $15 billion in Guyana between 2021 and 2024. In November, the U.S. Export-Import Bank approved a $500 million loan guarantee to support a $2 billion U.S.-built gas-to-energy project representing the largest foreign investment in Guyana’s history,” Nichols said.
While awaiting the loan’s approval, the Guyana Government said it has provided some US$$400 million in lieu of that approval, and Vice President Bharrat Jagdeo said the Government was prepared to continue funding the project if the loan was not approved.
The Government has been pressing for the major gas-to-energy project to move forward, as it believes it could provide better and cheaper energy.
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