Cabinet has approved a loan agreement signed by Minister of Finance, Winston Jordan with the Islamic Development Bank (IsDB) for the financing of the Guyana Power and Light Incorporated (GPL Inc.) Power Utility Upgrade Programme (PUUP).
According to Minister of State, Joseph Harmon, at his weekly post-Cabinet briefing, the agreement was recently laid before Cabinet.
“The Honourable Minister of Finance submitted to Cabinet, the external loan agreement executed by the Government of Guyana and the Islamic Development Bank, for the sum of US$20M to finance the power utility’s programme. Cabinet approved the loan agreement and directed that it be laid in the National Assembly in accordance with Section 3:6 of the External Loans Act Chapter 74:08 of the Laws of Guyana.”
The agreement which was signed on September 19, 2018, in Kuwait between Jordan and the Islamic Development Bank’s (IsDB) Vice President of Sector Operations, Mansur Muhtar, will support the improvement of the country’s power supply through the Guyana Power and Light Incorporated (GPL Inc.).
The $4.2B loan is part of the utility company’s Upgrade Programme, a component of its development and Expansion Programme for 2014 to 2021.