The Inter-American Development Bank (IDB) yesterday announced the approval of loans totalling US$66.2M ($13.6B) to Guyana to finance the upgrade and maintenance of the road network.
According to a release from the IDB, the programme includes resources to strengthen the executing agency – the Ministry of Public Works – and is expected to enhance urban and suburban mobility and safety by reducing travel times, vehicle operation costs and accidents along key roads such as the Sheriff Street-Mandela Avenue corridor, which crosses the city.
It said financing consists of US$33.1 million, with a 30–year amortisation period, a 5 and a-half-year grace period and a LIBOR-based interest rate, and US $33.1 million, with 40-year bullet repayment and a fixed annual interest rate of 0.25%.
The government will contribute US$3 million to the programme’s budget to finance routine maintenance of main roads and safety features, such as signage and line markings.
The IDB said the bulk of the programme’s resources will finance civil works that will ultimately help traffic flow more easily and increase safety for pedestrians and cyclists, including medians, traffic lights and road signage. These include works to rehabilitate, improve, expand or construct roads and streets, rehabilitate bridges and culverts, build sidewalks, bicycle paths and bus stops, widen road shoulders and incorporate parking lanes and other features.
The funding also provides for a comprehensive study of urban transport in and around Georgetown. Besides diagnosing current and projected traffic conditions, trends and problems, the IDB stated that the study will make specific recommendations on options to allocate road space more efficiently among users, and promote the use of cleaner and more sustainable modes of transportation, such as buses and bicycles.
In addition, the programme will support the design of a road safety action plan that will identify key risks and opportunities for improvements that will help bring down traffic accidents and fatalities.
The IDB stated that most main roads in the 3,995-km road network here are in fair condition, however there are few sections that require extensive maintenance. The roads in Georgetown and sections of the main road network face increasing traffic congestion due to the vehicular fleet’s growth and the expansion of housing in the outskirts of the city.
According to the release, over the past two decades the government has invested heavily in the sector, mainly to develop the country’s transport infrastructure.
