Guyana is optimistic about Chinese concessional financing for the Corentyne Bridge linking this country with Suriname, even as it prepares for talks with Beijing soon, President Irfaan Ali yesterday said.
“We are supposed to have one of the strategic dialogues very soon. I know that the Chinese government is in talks with both governments. A week ago I had an engagement with the Chinese Ambassador on the very subject. So we are hoping that within the coming weeks we can hear from China on the concessional financing aspect,” the President yesterday told reporters on the sidelines of the Private Sector Annual General Meeting, held at the Marriott Hotel, Georgetown.
“What I gather so far is that there is a huge interest but I won’t say [yes] unless I see it in writing,” he added.
Last month, following a report in Suriname’s de Ware Tijd (dWT) newspaper, Ali confirmed that both countries had approached China for financing. Yesterday, he echoed the same stance on the funding. “As you know, we jointly wrote to the Chinese government, on the possibility of concessional financing to have this bridge completed.”
The dWT had also highlighted that during talks on investment opportunities between President Chandrikapersad ‘Chan’ Santokhi and a top delegation in China, Chairman of China Communications Construction Company, Ltd (CCCC),Wang Tongzhou, expressed interest in investing in Suriname. The article said that China Road and Bridge Corporation (CRBC), a subsidiary of CCCC, is one of the companies being considered for the construction and financing of a bridge over the Corentyne River, and is already involved in projects in Suriname.
The Suriname Herald newspaper also reported that discussions are set to continue as soon as possible, at the level of the financial authorities, to explore funding options for the bridge.
“China supports the intentions of both governments to promote regional connectivity through a fixed river crossing, which is fully in the spirit of the Chinese Belt and Road Initiative,” the article stated.
The proposal for the bridge was floated in a memorandum between Guyana and Suriname during Ali’s visit to Paramaribo in November 2020. While it was initially expected that construction would have already started, financial issues have caused delays in the project.
According to reports, qualified companies have indicated that the Public/Private Partnership (PPP) model proposed for financing the bridge is not feasible. Santokhi had stated that multinational agencies and private sector investors have shown interest in financing the project, but a decision will only be made after receiving technical advice from both countries.
Further, the Surinamese Head of State had emphasised that Suriname, bound by an IMF programme, could not take out a loan for the construction of the bridge. He had also mentioned that alternative financing options from institutions within and outside the region were being explored.
There has been a flurry of meetings between the two sides on nailing down financing for the bridge.
On March 24, it was announc-ed that the presidents of Guyana and Suriname had instructed their respective teams to enter discussions of financing, pricing, and other matters related to the development of the bridge over the Corentyne River. This decision came following a meeting between the two presidents at Soesdyke, Guyana, for follow up discussions regarding the building of the bridge.
