The US$80 million payment made by Norway to Guyana for forest services, being held by the Inter-American Development Bank (IDB), is not enough to fund a hydropower project here and lending institutions are not as willing to finance such projects, Finance Minister Winston Jordan says.
In addition, Jordan says that accessing the funds has not been as easy as expected, since Norway has strict eligibility requirements.
“Norway has only given us US$80M, probably just well enough for a small hydro,” Jordan said in response to questions from Chairman of the Private Sector Commission (PSC) Norman McLean on why the Norway funds were not being used to finance hydropower projects here.