IDB To Provide Support To Guyana For Energy Sector

GEORGETOWN, Guyana CMC – The Inter-American Development Bank (IDB) has promised to assist the government with technical and financial support in an effort to reform Guyana’s energy sector.

During a meeting in New York last Friday, IDB President, Luis Alberto Moreno, told Guyana President, Donald Ramotar, that the lending agency will help Guyana modernize its energy matrix and advance its innovative Low Carbon Development Strategy (LCDS) in an effort to maintain debt sustainability, while providing the desired benefits to Guyana’s economy and its people.

Having acknowledged the pressing need to diversify Guyana’s energy matrix in a way that protects its environment, improves energy sustainability, and lowers total energy costs, the two officials agreed to have technical teams from Guyana and the IDB jointly explore alternative ways to upgrade and diversify the country’s energy matrix.

This endeavour is seen as one of immediate importance to lower the risks and maximize the benefits of any initiative in the energy sector.

In addressing development challenges facing Guyana, Moreno commended the work of Guyana’s economic team working towards effective management of fiscal policy after debt forgiveness in 2006.

Guyana’s economy is ranked among the strongest in the region with consecutive years of impressive growth in Gross Domestic Product (GDP), and fiscal stability even throughout the international economic downturn.