Funds approved for World Bank obligations -Minister Harmon
GINA, Guyana, Thursday, May 4, 2017
Guyana’s financial obligation to the World Bank’s Multi-Lateral Investment Fund will be honoured, according to Minister of State, Joseph Harmon.
The Minister at the post- Cabinet media briefing at the Ministry of the Presidency, today, said that Cabinet approved the payment of US$1M, to the Fund. It will be made in three or four payments from 2019, the Minister of State explained.
The Multi-Lateral Investment Fund was created in 1992, to augment the resources available to the International Development Bank for project financing.
Guyana has contributed US$950,000, thus far. Minister Harmon posited that this country has received, “US$9.84 for every dollar invested in the Fund, which will continue to operate until 2018, and it is expected that Guyana will continue to benefit from its allocations.”
The Fund focuses on financing for “Climate Smart Agriculture and developing Environmental and Social Sustainability.”
By: Paul McAdam