Guyana to sign financing agreement with the OPEC Fund

DPI/GINA, GUYANA, Friday, June 30, 2017

Guyana is set to sign an Organisations of Petroleum Exporting Countries (OPEC) Fund for International Development. This comes as government takes additional steps to promote trade and investment operations in the country. The announcement was made by Minister of State Joseph Harmon at the Post-Cabinet press briefing at the Ministry of the Presidency, today.

Minister Harmon explained that Minister of Finance Winston Jordan will sign the agreement on behalf of the Government Guyana in Vienna, Austria on July 14, 2017.

The agreement which caters for encouragement and protection of investment, would provide opportunities for Guyana to benefit from OPEC’s resources to advance private sector, trade finance and public-sector operations.

OPEC is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10 to 14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

The OPEC Fund for International Development is a financing window, endowed with its own resources, through which the Fund channels support directly to the private sector in developing countries. The objectives of the Fund are to promote economic development by encouraging the growth of productive private enterprise and supporting the growth of local capital markets. Under the OPEC Fund for International Development, loans are made to financial institutions for on-lending to small, medium and micro-enterprises, as well as directly to specific projects.

 

By: Macalia Santos

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