Senior Finance Minister Dr Ashni Singh yesterday oversaw the signing of a historic US$4m loan agreement between Inter-American Development Bank (IDB) Invest and Muneshwers Limited for a mobile crane which will see its wharf being modernized.
“I think it goes without saying that this is an incredibly exciting time in Guyana’s economic history. The country is undergoing unprecedented economic growth. We are going to be growing by more than 25% over the medium term, easily by more than 25% in the next three to four years. This has catalyzed the remarkable expansion in the non-oil economy,” Dr Singh said, according to a release from the Ministry of Finance.
He said that the government wants to use this period in Guyana to build out as quickly as possible “the foundation of a strong and competitive non-oil economy and for this reason we are building out infrastructure very aggressively, building out capacity for social services, roads, bridges, ports, hospitals, schools etc and we are doing this with the support of a number of strategic and important development partners not least among whom is the IDB”.
The Finance Minister said that given the changes in the economy he saw the need for increased emphasis on private sector operations.
“We would like to see more private sector operations done because we see this as absolutely critical to ensure that we are able to realize the private sector-led growth that we anticipate will take us through the medium term to long term,” the Finance Minister stated.
The Minister also thanked the private sector including the team at Muneshwers led by Robin Muneshwer whose perseverance, according to Dr Singh, played a great part in the project materializing.
IDB Invest is the private sector arm of the IDB.
