Cabinet approves three external loan agreements valued  over US$25M

DPI, Guyana, Friday, July 07, 2017

The Government of Guyana and three international financial agencies have signed loan agreements totaling over US$25M to improve the education sector, and the efficiency of public payment system.

During his weekly post-Cabinet press briefing, Minister of State, Joseph Harmon said that the external agreement was submitted to Cabinet by Minister of Finance, Winston Jordan.

An agreement was signed for the sum US$11.7M, between government and the Caribbean Development Bank (CDB) to improve the quality and effectiveness of the Technical Vocational Educational and Training (TVET) system in Guyana.

For a Special Drawing Rights (SDR) to improve the safety and efficiency of public payment systems, the sum of $4.5M will be provided by the International Development Association – World Bank.

Meanwhile, the sum US$9.9M will be provided by the World Bank, for a Special Drawing Rights (SDR) to improve the teaching practices and student achievement of mathematics at the primary level, and to improve the teaching capacity at the University of Guyana (UG) Facility of Health Sciences.

Minister Harmon noted that Cabinet has approved their submission to the National Assembly in accordance to section 3, (6) of the external loans act Chapter 74:08 of the Laws of Guyana.

 

By: Synieka Thorne