Guyana’s infrastructural development to be boosted with US$500M AfreximBank loan

To support the acceleration of Guyana’s transformative infrastructural agenda, the African Export-Import Bank (AfreximBank) has agreed to provide a US$500 million loan.

This was disclosed by Professor Benedict Oramah, President and Chairman of the Board of Directors of AfreximBank, at the opening of the AfriCaribbean Trade and Investment Forum, held at the Marriott Hotel, Georgetown, on Monday.

Professor Oramah said, “We also expect to sign a document evidencing the arrangements we’ve reached with the Government of Guyana for the US$500 million investment bridge financing facility.”

This agreement will be facilitated through a partnership between AfreximBank’s subsidiary, the Fund for Export Investment Development, and the Access Bank Group in Nigeria, investing in boosting the financial services sector in Guyana and across the Caribbean.

This agreement will add to the multitude of other agreements to provide financial support to African and Caribbean states during the forum.  

Eleven countries in the Caribbean Community now have access to an approved line of credit of some US$1.5 billion through the AfreximBank to facilitate commercial strengthening and industry.

According to Professor Oramah, this amount is set to increase to US$3 billion with the membership of all the CARICOM member states.

He outlined that the AfreximBank remains committed to forging lasting partnerships for mutual development, adding that the aim is to establish an integrated payment infrastructure for CARICOM.

“We hope that, very soon, the payment system for Africa and CARICOM will be integrated so that Guyanese can buy an African product and seamlessly pay Guyanese dollars.” he added.