The adjudication board discussions on the US$50 million dispute between government and gas to energy contractor CH4/Lindsayca will not affect this country’s current US$660 million loan application with the US EXIM Bank, Vice President Bharrat Jagdeo last Thursday said.
With US EXIM officials visiting recently and completing the final due diligence process with no adverse findings, according to Jagdeo, the way is now paved for the loan application to go before the board of the bank.
“The evaluation has been completed for the EXIM Bank loan. This is not going to affect the processing of the loan. If we refuse to abide by the terms of the contract, which is providing for independent arbitration or mediation when there is a dispute, that could be considered expropriation if it is a US company. …But we are following the grievance procedure as established in the contract so that will not affect the processing of the loan,” Jagdeo said when asked about the process.