Guyanese living abroad are set to receive a new avenue to invest in major projects being developed in Guyana, with President Dr Mohamed Irfaan Ali announcing plans for a dedicated investment vehicle backed by the Government.
Ali made the announcement on Thursday evening during a diaspora engagement in New York, where he outlined several initiatives aimed at strengthening the economic participation of Guyanese overseas.
According to the President, the planned investment mechanism will allow members of the diaspora to channel their funds into major domestic projects while receiving government-backed returns.
“We are going to launch very soon a special investment vehicle to mobilise resources in the diaspora,” Ali told the gathering.
He said the facility would give overseas Guyanese an opportunity to invest in projects such as the planned fertiliser plant and gas bottling plant.
The President said the initiative forms part of the Government’s broader commitment to creating practical opportunities for members of the diaspora to participate in Guyana’s economic development.
Digital government services
Ali also announced that Guyanese at home and abroad will soon be able to access government services through a single mobile application.
The system, which is expected to be operational by the beginning of next year, will provide users with a personal digital vault containing their information and documents.
This, he explained, will allow information to be automatically populated on government forms, including documents related to immigration and other public services.
A national payment system is also expected to be introduced before the end of this year. The platform will allow users to make payments, transfer funds and settle bills directly from their mobile phones.
“We have to adopt the best technology today … We don’t have the time to work in a straight line,” Ali said, stressing the need for Government to accelerate the adoption of digital technology.
40,000 homes targeted
The President further outlined plans for the construction of 40,000 homes over the next four years.
He said the Government has already received responses from major international companies following an expression of interest for the delivery of the housing programme.
Alongside the broader housing initiative, the Government is continuing its social housing programme, which is intended to assist vulnerable groups, including persons with disabilities and single parents, in becoming homeowners.
Ali said the housing programme will also have to address the infrastructure and energy needs associated with the new communities.
“It’s not only building 40,000 homes. It is powering those homes,” he said.
Major projects on the horizon
The President also used the forum to point to continued investor interest in Guyana, citing the recent approval of a US$127 million loan by IDB Invest for a Middle Eastern investor developing a hotel and convention centre valued at more than US$200 million.
Ali said the investment decision demonstrated the growing confidence in Guyana as a destination for international capital.
“They can take their money anywhere in the world,” he said, referring to the investor’s decision to pursue the project in Guyana.
Looking ahead, the President identified several major projects expected to advance during the next four years.
These include the development of a deep-water port, construction of the road linking Guyana with Brazil, a second power plant, the Wales Development Zone, data centres, a new airport at Lethem, Terminal 2 at the Cheddi Jagan International Airport and a new four-lane bridge across the Berbice River.
Government highlights recent development
Ali also pointed to what he described as significant progress during the past five years, including the creation of 160,000 new jobs, the construction of more than 5,000 kilometres of roads and the development of over 100 new schools.
Following the President’s address, Cabinet ministers remained at the venue to engage directly with members of the diaspora.
The ministers received proposals, questions and concerns from overseas Guyanese as the Government continues its efforts to deepen engagement with citizens living outside the country.