Guyana gets US$20M World Bank grant – for building oil and gas capacity

DPI, GUYANA, Friday, April 27, 2018

Two World Bank experts will be conducting workshops to build Guyana’s oil and gas capacity as part of a US$20M grant.

Minister of State, Joseph Harmon, at a post Cabinet press conference today, disclosed that Minister of Finance, Winston Jordan, had applied for the grant.

The World Bank experts would first meet with all government ministers and Members of Parliament, including the Opposition at a high-level workshop on the Sovereign Wealth Fund (SWF).

Minister Harmon said the workshop will be held on May 21 and will focus on fiscal arrangements, rules and best practices of SWFs. It is the first in a series of workshops catered for in the grant.

Work on Guyana’s SWF legislation, which is compliant with the Santiago Principles and international best practices, has been ongoing since 2016. The government is on track to have the Sovereign Wealth Fund in place before oil production starts in 2020.

 

By: Tiffny Rhodius

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