Guyana signs multi-million dollar loan agreement with Saudi Arabia

June 05, 2023
Finance Minister Dr. Ashni Singh and CEO of the Saudi Fund for Development Sultan A Al-Marshad sign loan agreements (DPI Photo)

GEORGETOWN, Guyana, Jun 5, CMC – Guyana Monday signed two agreements totalling US$150 million with the Caribbean Community (CARICOM) country indicating that the funds would be used for a housing project as well as allowing for upgrades to the Wismar Bridge in Linden, Region 10.

Guyana became the 88th  country to receive funding from the Saudi Fund for Development  and follows a Memorandum of Understanding (MoU) signed on the sidelines of the 2023 Islamic Development Bank (IsDB) Group’s Annual Meetings in Saudi Arabia..

The agreement was signed Finance Minister Dr. Ashni Singh and the chief executive officer of the Saudi Fund for Development, Sultan A Al-Marshad, in the presence of President Irfaan Ali, who underscored the importance of upgrading the decades-old single lane Wismar Bridge into a four-lane bridge.

“I am very pleased to be able to advance these projects at such a rapid pace,” Ali said.

The first loan of US$100 million will be used to construct  more than 2, 000 housing units in three regions.

The visiting delegation is on a three day visit to Guyana.

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