President Irfaan Ali on Friday lobbied for greater support for private sector development when he met with the recently elected Caribbean Development Bank (CDB) President Dr Hyginus ‘Gene’ Leon and a visiting delegation.
Ali, accompanied by Vice President Bharrat Jagdeo and Finance Minister Dr Ashni Singh, met Dr Leon and his team, who are on a two-day visit, at the Office of the President.
The Ministry of Finance on Friday said the objective of Dr Leon’s visit is to reaffirm CDB’s commitment to Guyana and to explore opportunities for expanded partnership in pursuit of national development goals. It also said the visit is also an opportunity for dialogue between the Bank and the Government of Guyana on the latter’s economic objectives and priorities and how CDB can support these through its assistance and lending programmes.
In a statement, the Office of the President said that during the meeting Ali outlined with “great clarity” the vision for Guyana and the government’s macro plans as well as “what it is we believe the bank can do to meet the challenges that face not only Guyana, but the region.”
He said that he shared disaggregated information relating to the government’s vision on various sectors and for future projects that are necessary to move the country forward.
“An important part of that is the inclusion of the private sector and greater support for private sector development,” he was quoted as saying,
The Office of the President added that calls were also made for more information to be made available to the private sector on the bank’s existing opportunities, and for “a reform within the bank itself” to cater to the developmental needs of the region.
Ali, the statement noted, has been adamant that the government would support private sector initiatives, especially when it comes to developmental projects.
In addition, Singh noted that the private sector is earmarked to play key roles in Guyana’s future. “…We have been speaking about things like public-private partnerships for some time. We are hoping to be able to see private financing play a bigger role including in infrastructure projects. And then, of course, the role of the private sector in investing in the productive economy,” he explained.
Dr Singh said that overall the exchanges were “very forward-looking,” not only the articulation of Guyana’s development agenda, but through shared ideas on the Bank’s future in the region. “…It was a very forward-looking conversation about the future direction with the bank and potential opportunities for the Bank. We shared some thoughts on the bank’s continued important role in the region’s landscape.”
The Office of the President stated that the discussions also centred on climate change, the environment, the energy sector and the national development priorities of Guyana and other Caribbean nations.
The visit was the first stop on Dr Leon’s trip around the Caribbean since taking the reins of the regional multilateral institution in May.
Following the meeting, the Office of the President said Dr Leon called the discussions “very constructive.”
“We touched on a number of topics that are of common concern now in the region in terms of its development and how the Bank can hopefully assist in that particular direction,” he was quoted as saying.
Dr Leon, who began his tenure on May 1, was slated to visit a number of places over the weekend along with his delegation, including several sites of CDB-funded projects as part of his visit.
In 2020, CDB project-approvals in Guyana included US$ 9.9 million for the construction of a modern Hospitality and Training Institute and US$190 million for upgrading 121 kilometres of roadway from Linden to Mabura Hill – the largest ever project in the Bank’s history.
