GEORGETOWN, Guyana, CMC – The Guyana government says the US-based Export-Import Bank (EXIMBANK) is likely to approve an application for US$660 million to finance the construction of the gas-to-shore natural gas-fired electricity and liquids plants at Wales, West Bank Demerara.
Vice President Bharrat Jagdeo told a news conference that he had received an “assurance” from the president and vice president of the EXIMBANK, Department of Commerce, and the US State Department that the loan application would “receive their full support” for the 300-megawatt electricity plant.
“Every US agency, including on a bipartisan basis, members from both sides of Congress assured us that this project is a great project; it will receive their full support, so it is just that you have to go through the technical process,” Jagdeo told reporters regarding the loan application that as made public in April 2023.
Jagdeo said the consultants EXIMBANK hired would complete their assessment and feasibility study by January 2024. He said the lengthy process includes on-site inspections by consultants, a US Congressional 45-day process, and then final approval by the EXIMBANK’s Board.
Pending the EXIMBANK’s approval of Guyana’s US$646 million loan application, Jagdeo said Guyana has already provided US$100 million from the Treasury here for the US$756 million project and had a contingency arrangement should there be hiccups with the American funding.
“The project is moving forward, the gas to energy project is moving forward, the loan shall be in place, and we had already planned contingency should this not happen because we’re a serious government,” he said.
The US EXIMBANK has made a two billion US dollar line of credit available to Guyana.
and then