‘There is an opportunity for int’l banks to do business in Guyana’ – Min Singh

– Outlines impact of energy sector on Guyana’s economy

International and regional banking institutions are being urged to explore opportunities within Guyana as the government is undertaking massive scopes of projects across the various local sectors.

Senior Minister in the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh in a detailed presentation on Wednesday explained that the local banking has been responsive but within the confines of their resources.

“There is similarly an opportunity even for regional and international banks to provide financing for some of these eminent bankable projects. In many cases some of these companies have contracts with Exxon or Exxon’s tier-one contractors,” he informed the audience on day three of the Energy Conference and Supply Chain Expo 2024 at the Marriott Hotel, Kingston, Georgetown.

The government is currently undertaking massive projects in key industries such as agriculture, tourism, infrastructure, energy, and housing to expand the non-oil sector that will sustain the country’s future economy.

And, according to Dr Singh, the government sees it fit to lay the foundation of strong economic growth now by investing in these sectors so that they can be globally competitive.

Multilateral banks including IDB-Invest have already significantly increased their lending to the local private sector and soon the IDB Group XII Annual Meetings of Caribbean Governors will be hosted in Guyana.

Dr Singh’s presentation on how energy has impacted the economy explained that the government has been able to accelerate modernisation, as the country’s finances have tripled due to the activities in the oil and gas industry as well as climate services.

This, he underscored, has allowed transformation in every sector of the economy, emphasising that Guyana is a premier destination for investment.

“We see this period as the period to lay the foundation for a globally competitive non-oil economy,” Dr Singh pointed out.

Dr Singh also shared that Guyana would have expanded by 30 per cent over the past three years and is projected to expand on average by 20 per cent in the coming years.

He also assured stakeholders of the government’s commitment to responsible fiscal management and that the country is a strong performer in the long term.

This year’s energy conference is themed ‘Fuelling Transformation and Modernisation’ and brings together hundreds of local and international exhibitors and participants in Guyana to discuss opportunities and policies relating to energy.