Govt’s economic diversification efforts commended at energy conference

The PPP/C Government has embarked on a very comprehensive development agenda aligned with the expanded Low Carbon Development Strategy (LCDS2030) to attain economic growth, reduce poverty and empower communities.

The International Energy Conference and Expo is a platform that was conceptualised to foster regional collaboration.

To this end, the government’s efforts in diversifying its energy resources have been recognised and commended by Dr Harrie Vredenburg, a Professor at the University of Calgary in Canada.

Dr Vredenburg is a leading scholar in the areas of competitive strategy, innovation, sustainable development and corporate governance in the global energy and natural resource industries.

“I am personally very positive on renewable energy and I commend the developments in Guyana and in this whole area,” he said on day three of the Energy Conference and Expo 2023, on Thursday.

In addition, several Financial Institutions have also thrown their full support behind the government’s agenda, as it pitches its services to both local and international clients.

Scotia Bank Guyana’s Seugobin Sugrim noted that it is excited to have invested in the activity and to be connecting with customers and establishing new relationships.

He said, “We have expertise in key industries such as health care, distribution, hospitality, media and telecommunication, auto dealership, power and infrastructure and oil and gas, some of our cooperate and commercial solutions would include working capital financing, this is where we would offer standard overdraft facilities, our revolving loans and we also finance long term investments, long term projects with our term financing.”

Similarly, Vice President of the Caribbean Development Bank, Issac Solomon noted that the theme “Harnessing Energy for Development,” is highly appropriate for the conference given that energy is the driving force of the modern economy, which is underscored by the role of the critical element in economic growth.

Further, he noted that energy, especially electricity, is a necessary enabler for a variety of services essential for development.

Meanwhile, Chairman of the NewHayven Merchant Bank, Floyd Haynes said the merchant bank was created to bridge the capital gap of where Guyana is and where Guyana needs to be.

“If you look at where Guyana is and where the leaders want to take the country, it is clear that there is a finances gap, some of those monies will come from traditional institutions like scotia bank, multilateral lending institutions like CDB, but a lot of it will be capital that will come from banks like The NewHayven Merchant Bank,” he said.

With the renewed support, Guyana is hoping to achieve 65 per cent renewables by 2025, according to the LCDS 2030.