At the 4th IDB Caribbean IDB Governors Regional Meeting held in Freeport, The Bahamas, on February 19th, 2015, the Cooperative Republic of Guyana represented by Honorable Ashni Singh, Minister of Finance and the Inter-American Development Bank represented by Mr. Luis Alberto Moreno, President signed two loan agreements. The combined loans amounted to US$ 32.16 million.
1) Strengthening of the Environment Sector II
This is the second loan operation in the environment programme that was approved by the IDB in 2013. Approval was made possible by full achievement of all the policy reforms agreed in 2013; as well as the maintenance of an appropriate macroeconomic policy framework.
The programme will support the consolidation of Guyana’s Low Carbon Development Strategy (LCDS) and REDD+ (Reducing Emissions from Deforestation and Forest Degradation). The activities under this operation include: (a) organizing multi-stakeholder consultations; (b) supporting the implementation of a transparent, rules-based, and inclusive accountability and enforcement system for forest governance; (c) aiding MNRE’s efforts to minimize and manage forest degradation from extractive activities, in particular from mining; (d) integrating land use planning; and (e) operating a reliable Monitoring, Reporting and Verification System (MRVS) for these activities.
The IDB financing for this second phase is made up of a loan of US$17.16 million. The loan comes 50% from the IDB’s ordinary capital, with a 30-year maturity, and a 6-year grace period, and 50% from the IDB’s Fund for Special Operations, with a single payment upon a 40-year gratuity, with a fixed interest rate.
2) Citizen Security Strengthening Programme
This new citizen security programme funded through a $15 million loan was approved by the Board of Directors on December 10, 2014. It is the second in this sector since 2006 and is designed to build on the achievements of the Citizen Security Programme (1752/SF-GY) and to enhance sustainability of the achievements of that earlier operation.
The loan comes 50% from the IDB’s ordinary capital, with a 30-year maturity, and a 6-year grace period, and 50% from the IDB’s Fund for Special Operations, with a single payment upon a 40-year gratuity, with a fixed interest rate.
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