…as UK declares confidence in management of Guyana’s economy
Declaring that the United Kingdom has confidence in the management of Guyana’s economy, the UK’s Minister for the region, David Rutley, has announced that the financing available for Guyana’s Public and Private Sector has almost tripled to £2.1 billion.
The announcement of increased financing was made during a press conference hosted by the British High Commission on Tuesday, at the Bel Air Gardens residence of British High Commissioner Jane Miller.
Minister Rutley, who is the United Kingdom’s Minister for the Americas, Caribbean and Overseas Territories, noted that the increase in available funding for Guyana, which will come from the UK Export Finance (UKEF) department, was almost a 300 per cent increase.
“It’s my pleasure to share that UKEF’s country limit, or market risk appetite, for Guyana has been increased, from £750 million to £2.1 billion, nearly tripling the support for Guyanese buyers of UK goods and services.
“And this effectively increases the ability of businesses to access finance for projects and programmes. This effectively enhances the level of potential new business the UKEF can support in Guyana, across sectors in which the UK offer can be more instrumental,” Rutley said.
He further noted that British confidence in the People’s Progressive Party/Civic (PPP/C) Government’s stewardship of the economy was responsible for this policy change. He also laid out some of the areas the funding was expected to impact.
“It is also a reflection of the confidence that the UK has in the stewardship of the economy in Guyana by the Government. In terms of the practical effect, the UKEF can support the Guyanese Government in accessing competitive long-term financing for national priority projects, such as social infrastructure, health care, education, infrastructure, or transport,” Minister Rutley detailed.
Meanwhile, Finance Minister, Dr Ashni Singh welcomed the initiative and noted that it demonstrated confidence not only in the economy but in Guyana as an investment destination for British companies.
“(The increase) represents a very clear signal of the UK’s confidence in Guyana as a destination for British companies to invest in and as a place for British companies to do business with. And we want to thank you for this very clear expression of confidence in Guyana and in the Guyana economy.
“I want to situate this announcement within the context of the very strong and longstanding relationship Guyana enjoys with the United Kingdom. That is, of course, rooted in our shared history, in the relationships between our peoples and also, in our shared values, including our commitment to democracy and the rule of law,” Dr Singh said.
Rutley, who is representing the UK at the 46th Caricom Heads of Government Meeting, was previously in Guyana in December. During his last visit, extensive discussions were had on expanding relations between the UK and Guyana, in sustainable and economic development and security.
It was announced last year that almost 25 per cent of the trade between the UK and the Caribbean was recorded between the UK and Guyana, with trade being more than £1.6 billion.
Signalling continued trade and investments between the two countries, last November, Foreign Affairs and International Cooperation Minister Hugh Todd and His Majesty’s Trade Commissioner for Latin America and the Caribbean, Jonathan Knott had signed a partnership agreement.
Back in March 2023, the British Chamber of Commerce (BritCham) was also launched in Guyana, continuing a trend of increased collaboration between the two countries only days after British Airways made its inaugural flight to Guyana and months after visa restrictions were removed for Guyanese visitors to the UK.
Rutley had also been present at the launching of BritCham. He had noted that there was interest on both Guyana’s and the UK’s part to advance their bilateral relationship.
The Chamber acts as a support for other Chambers of Commerce that exist in the countries in which it operates. British and Guyanese companies were also encouraged to sign up as members with BritCham Guyana to enjoy the full benefits of its support in exploring and accessing each market.
The independent, non-profit Chamber was established to serve as a leading promoter and enabler of trade and investment between the UK and Guyana, one of the world’s fastest-growing economies. BritCham Guyana also works closely with the British High Commission in Georgetown.
