Diaspora urged to tap into diverse investment opportunities in Silica City’s development
As the second phase of the Silica City project is set to commence shortly, President Dr Mohamed Irfaan Ali has revealed a range of investment opportunities that will soon become available, particularly for Guyanese living in the diaspora.
The head of state made the announcement during a community meeting at Canal No 2 Polder on the West Bank of Demerara (WBD) in Region Three.
In the upcoming second phase of development, modern infrastructure will be developed with support from the private sector, further advancing the transformative urban initiative.
“We have people in the diaspora [who] want to know how they can be involved [in Silica City] and the second phase will be opened up within two weeks…That second phase will be for diaspora investments,” President Aliinformed the mammoth audience on Sunday.
Silica City, located along the Soesdyke-Linden Highway, is poised to become Guyana’s first fully sustainable and technologically advanced city, designed to provide a high standard of living for some 15,000 families.
In 2024, the government partnered with the University of Miami, based in the United States of America (USA) to develop a comprehensive plan for the city’s development.
“It’s not only a city; it is going to be a way of life,” the president stated. “It is going to extend life expectancy naturally, because of the infrastructure in the way it will be built, focusing on mental health, wellness, technology, and self-sufficiency. This is what we are building.”
The visionary project was conceptualised by President Ali during his tenure as Minister of Housing and Water under a previous People’s Progressive Party/Civic (PPP/C) administration.
In addition to smart homes, the city will feature the newest energy-saving technologies for wastewater management, energy management, and water conservation. The city will have recreational parks, community centres, an electricity grid, and a multi-specialty health facility, catering to the social needs of citizens.
Some 3,800 acres of land have been set aside for infrastructural works in the first phase of development. Approximately $2.11 billion was invested in these initial works.
Construction of the first 110 young professional homes in the city is rapidly progressing. There are 75 flat housing units and 35 elevated units. The flat houses are priced between $25,200,603 and $25,290,178, while the elevated ones cost approximately $33,980,153 to $34,450,145.
Beyond the construction of residential homes, Silica City will include shopping centres, apartment complexes, condominiums, hotels, restaurants, and other amenities.