US development bank considering investments here

Relations between Guyana and the United States could be further strengthened with major investments from the US International Development Finance Corporation (DFC), which is currently discussing economic prospects via the ‘Growth in the Americas’ Initiative.

The DFC is the development finance institution of the US Federal Government and is primarily responsible for providing and facilitating the financing of private development projects.

Led by Chief Executive Officer (CEO) Mr. Adam Boehler, a DFC delegation Tuesday evening met representatives from the Private Sector Commission (PSC) at the Pegasus Hotel.

Mr. Boehler said the agency is already eyeing a number of investment initiatives, including ways to bring down electricity cost, small and medium-sized businesses, agriculture and infrastructure.

He said the PSC will be identifying other areas the agency can invest in.

Mr. Boehler said the window for investment was open when Guyana found its way out of the recent electoral stalemate.

“We have now a foundation for an elevated and strengthened relationship between the US and Guyana, and it started with the finalisation of the elections that gave us the basis. The administration’s commitment to private enterprise, transparency and rule of law is critical for us to invest,” Mr.  Boehler told a media conference moments after his engagement with the PSC.

Meanwhile, PSC Chairman Mr. Nicholas Boyer lauded the US for standing up for democracy and economics. It is on that basis he said, that the US brought to bear its economic foreign policy on Guyana.

“It is a great time for us because we can grow in our partnership with the US, which we clearly have an affinity for, a large diaspora in and a target market for agricultural export. And we have a partner now that can help us with our capital and infrastructure to really unlock the potential of a number of sectors in Guyana,” Mr. Boyer said the media.

The PSC will be following up with the US Embassy here, to continue discussion on the investment projects.

Headquartered in Washington DC, the DFC has an overall lending capacity of $60 billion which is used to provide loans, loan guarantees, and insurance for development projects in lower-income countries that attract US businesses.

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