The government and Demerara Bank Limited (DBL) yesterday signed a Memorandum of Understanding (MoU) solemnizing an announcement that had been made in October by President Irfaan Ali of a collaboration by the two sides in a $900m revolving fund for the forestry sector.
Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh signed the MoU on behalf of Government. Signing on behalf of DBL was its General Manager, Dowlat Parbhu.
A release from the Ministry of Finance said the aim of the revolving fund is to increase production in the forestry sector and value added content. When he had made the announcement on October 28th, Ali had said that the Government’s intention was to increase its focus on small, medium and community loggers.