Comment from Hon. Winston DaCosta Jordan, BSc (Economics); MS (Economics); MP Senior Minister Of Finance & Ambassador Professor Dr. Shamir Ally
Hon. Winston DaCosta Jordan, BSc (Economics); MS (Economics); MP Senior Minister Of Finance: Hmmm, I’m proud of our achievements. Kaieteur News and their ilk can stand by and watch jealously as development proceeds
Ambassador Prof. Dr. Shamir Ally: Esteemed Minister Hon. Winston. Agreed. KN Media Spinners. KEY. Guyanese the Beneficiary. IsDB Team is ready to receive Guyana’s Project Feasibilities Studies, when available. With Almighty’s Graces. Onward & Upward
Jordan ties Guyana to US$14.6M contract on last day of Elections Recount
Minister of Finance, Winston Jordan on June 8 signed off a US$14.6M contract with the Islamic Development Bank (IsDB) for a hydropower project, and in doing so, tied Guyana to that agreement on the very day that the national recount of votes concluded at the Arthur Chung Conference.
Minister of Finance, Winston Jordan
This agreement adds to a long line of actions taken by the Government since the passing of the No Confidence Motion, which was executed in defiance of the Government’s Caretaker status, as stipulated by Guyana’s apex Court, the Caribbean Court of Justice (CCJ). President David Granger had made a commitment not to enter into any major agreements, out of respect for the ruling of the Court.
Likely, the largest financial agreement of its kind since the landmark ruling was handed down by the Caribbean Court, restricting the administration’s power; the Government’s flouting of the Court’s judgment is compounded by the fact that the Finance Minister signed the agreement on the day the final tabulation was concluded at the recount, illustrating that the governing party, A Partnership for National Unity + Alliance for Change (APNU+AFC) lost the elections by 15,416 votes.
The total cost of the project is US$16.59M, to which Guyana must contribute US$1.95M, according to the contract. Though contracts of this nature are expected to face parliamentary scrutiny, the National Assembly has not met in over a year and is currently dissolved.
The contract secures the funds for the cost of the construction and rehabilitation of three hydropower plants: Moco Moco (700kW) and Kumu (1.5 MW) at Lethem, and Ikuribisi (1MW) at Bartica; as well as for payments for goods, works, consulting and related services procured under the project to bring it to fruition.
According to the agreement, the IsDB agreed to finance the project on December 15, 2019 through installment sale financing, for execution by the Guyana Energy Agency (GEA). The Bank’s website lists the project as ‘Active’ as of December 14, 2019, the day before it agreed to finance the project, as stated in the contract.
“The specific objective of the project,” the Bank states, “is to ensure universal access to electricity for the population living in Lethem and Bartica areas (currently around 80 % have access) with an affordable tariff around USD 20 cents per kWh, which is currently ranging between USD 33 cents and USD 40 cents per kWh in Lethem area and between USD 19 cents and USD 28 per kWh in Bartica area.”
Islamic Development Bank in US$900 MILLION AID plan for Guyana 2018 – 2022:
URGENT Need for FEASIBILITIES STUDIES from GUYANA
The Islamic Development Bank (IsDB) is to make US$900 MILLION available to Guyana for the period 2018 to 2022 and covering a wide range of development areas. This was disclosed in a speech made by Finance Minister Winston Jordan at a bank meeting in Tunis, Tunisia earlier in 2018. In his speech, the Hon. Minister Jordan said “The Bank fielded a programming mission, in December 2017, where a work programme for the three-year period, 2018-2022, was formalized. Financing and technical assistance, of about US$900 MILLION, will be directed to key development areas, including economic infrastructure, rural development, human development, trade, and competitiveness”.
URGENT Need for FEASIBILITIES STUDIES from GUYANA
GOVERNOR: H.E. Winston Jordan, MP, Minister of Finance
ALTERNATE GOVERNOR: H.E Dr. Shamir A. Ally Ambassador of Guyana in Kuwait
Islamic Development Bank (IsDB), Jeddah, SAUDI ARABIA
- IsDB Wide Range of Projects 2018 to 2022 Financing & Technical Assistance: USD $900 MILLION
- IsDB 2018 > PALMS Geriatric Facility USD $291,000:
- IsDB 2009 > GRANT: Medical Center USD $495,000:
- IRENA: Abu Dhabi, UAE 2019 > Renewable ENERGY Project USD $8: Million
- Kuwait Fund for Arabic Economic Development (KFAED): Feasibility Study Road Project, Belfield to Rosignol, ECD: GRANT KWD 500,000 = USD $1,635.000:
- TOTAL as above = USD $910 Million
- Other Projects being worked on. Not ready for public disclosures.
- DEBT Agreements with KUWAIT; UAE and LIBYA.
- Close to USD $1 Billion to GUYANA, South America.
- Meeting: OPEC Fund for International Development (OFID) Austria HQ: IsDB 44TH. Marrakech > April 4, 2019: 10 AM to 10:30 AM:
1. New Leadership at OFID with NEW Ideas and NEW partnerships.
2. Wismar Bridge: Caribbean Bank STUDIES.
3. OFID to Finance WISMAR BRIDGE.
4. OFID to consider assistance with PROJECTS PREPARATIONS ASSISTANCES.
5. OFID wish to be a PARTNER with Guyana…Guyana with OFID since 1970
6. Western MODELS with PROFIT Motive NOT PEOPLE Centered.
7. OFID for South-South Cooperation.
8. OFID for small hydro projects in Guyana.
9. OFID to share with IsDB and Join IsDB Teams to Guyana.
10. OFID will do a SITE VISIT to Guyana, ASAP. - 17 Meetings/Conversations: With Ministers of Finance/IsDB Governors and Alternate Governors: IsDB 44th. Marrakech April 2-9, 2019 57 in attendances Met 30% = 17 Suriname; Nigeria; CAMEROON; Niger; MAURITIUS; Guinea; Kuwait, Qatar; Kingdom of Saudi Arabia; Oman; Bahrain; United Arab Emirates; Kyrgyzstan; Bangladesh; Pakistan; Malaysia; and Brunei.
- NEXT 45th Annual Meeting April 2020: IsDB: Jeddah, Kingdom of Saudi Arabia 1. Chair: Kingdom of Saudi Arabia 2. VICE Chair > IRAN 3. VICE Chair > PAKISTAN.
Opening Speech English V05-04-2019 Clean UPDATED_ENGLISH FINAL