Earlier today, His Excellency President Dr. Mohamed Irfaan Ali received a telephone call from Ms. Reta Jo Lewis, President and Chair of the United States Export-Import (EXIM) Bank, with significant news for Guyana’s energy sector.
Chair Lewis informed President Ali that EXIM’s Board of Directors had officially approved a $526 million loan for the Gas-to-Energy (GtE) Project. This decision was finalized at the Board’s meeting earlier today, following the completion of a thirty-five-day congressional notice period.
The GtE Project, a transformative initiative for Guyana, aims to deliver 300MW of power to the national grid upon completion. The project is expected to expand the country’s electricity supply, cut the kilowatt-hour carbon footprint, and slash consumers’ energy costs by 50 percent.
Expressing gratitude for this critical milestone, President Ali stated, “The Government’s strong appreciation and thanks go to Chairman Lewis, the EXIM Bank, and all other US Government agencies and authorities involved, including Ambassador Theriot and her team at the US Embassy in Guyana, for the approval granted and the confidence shown in this GtE project and Guyana.”
The President also extended commendations to the dedicated Guyanese teams at the Office of the President, the Ministry of Finance, and the Ministry of Natural Resources, including the office of Vice-President Dr. Bharrat Jagdeo and the Guyana Embassy in Washington, DC. Their collaborative efforts played a pivotal role in achieving this landmark approval.
Vice President Dr. Bharrat Jagdeo played a pivotal role in securing the approval of the USA Exim Bank for this project. Dr. Jagdeo collaborated diligently with various departments to ensure the Exim Bank’s Board of Directors accepted the project. As a former Finance Minister, two-term President of Guyana, and a renowned global economist, Dr. Jagdeo’s expertise and familiarity with Exim Bank operations proved instrumental in achieving this milestone.
This investment reflects growing international confidence in Guyana’s development trajectory and underscores the GtE Project’s potential to revolutionize the nation’s energy landscape.