President Bharrat Jagdeo and Finance Minister Dr. Ashni Singh today met with the President of the Inter-American Development Bank (IDB) Mr. Luis Alberto Moreno at the bank’s headquarters in Washington D.C.
At the meeting, President Jagdeo acknowledged the outstanding role played by the IDB over the years in supporting Guyana’s development efforts in various sectors.
Following the meeting, Minister Singh and President Moreno signed a US$5 million Loan Agreement titled ‘Sustainable Operation of the Electricity Sector and Improved Quality of Service’.
This project aims to boost the efficiency of Guyana’s power system through electricity loss reduction measures and improvements in the operation and maintenance of the distribution network. More specifically the project will rehabilitate a portion of the distribution network and continue a series of commercial loss reduction actions, while financing capacity building and energy conservation activities. This new loan compliments other programmes within the electricity sector that the IDB has supported such as the US$21.2 million Unserved Areas Electrification Programme which consolidated the structural reforms in the electricity sector and promoting rural energy development and a current US$12M Power Sector Support Policy Based Loan aimed at promoting a more sustainable and efficient energy sector through the reduction of electricity losses; promote institutional, legal and regulatory measures to contribute to the sustainability of those reductions; and strengthen the power utility company capabilities.
The President and Finance Minister are currently attending the Board of Governors meeting of the IMF and the World Bank.
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