President Bharrat Jagdeo on Tuesday met representatives of the Export Import Bank of India (EXIM) to pave the way forward for specific developmental projects that could be funded by the bank.
India is interested in assisting Guyana with its developmental thrust through the provision of funding from EXIM Bank, the Government Information Agency (GINA) reported.
President Jagdeo had discussions with Indian High Commissioner Avinash Gupta and Chief General Manager Prabhakar Dalal and Resident Representative Tarun Sharma of EXIM Bank.
Commenting on the meeting with the Head of State, Indian High Commissioner Avinash Gupta is quoted by GINA as saying: “It’s to find more avenues by which India can be a trusted friend in the economic development of the country. So with this in mind we have been meeting with the political leadership of Guyana which includes the President, the Prime Minister and Ministers Ashni Singh and Robeson Benn.”
The High Commissioner indicated that during the Indian Vice-President’s visit to Guyana in early November 2006, it was established that EXIM Bank could play a critical role in the economic development of the country.
According to GINA, Dalal said: “The EXIM Bank of India is interested in providing funding support for developmental projects in Guyana in a variety of sectors. We have already provided funding support for the Stadium construction. We are assessing a variety of projects that can be conceived, developed and funded by us.”
Sharma who met with President Jagdeo during his Vice-President’s visit to the country said: “An interesting area the President mentioned was social development and we look forward to supporting such projects and visiting Guyana again and fostering more friendship.”
A Line of Credit (LOC) was extended by the EXIM Bank to Guyana to construct the cricket stadium where several matches of the Cricket World Cup 2007, will be played. EXIM Bank extends LOCs to overseas financial institutions, regional development banks, sovereign governments and other entities overseas, to enable buyers in those countries, to import goods and services from India on deferred credit terms, GINA reported.
The Bank is managed by a Board of Directors, which has representatives from the Government, the Reserve Bank of India, Export Credit Guarantee Corporation (ECGC) of India, a financial institution, public sector banks and the business community.
