According to IDB, the loan will support the digital transformation of social services, which entails streamlining and digitalising the ministry’s processes to reduce transaction costs and improve service delivery for beneficiaries.
Focus will also be placed on the Enhanced Senior Citizens’ Pension Programme, which deals with supporting over 82,000 senior citizens with expanded access to an electronic payment system.
The increase in coverage for the public assistance programme, which has already supported more than 6,000 individuals with disabilities, will also benefit from this loan.
The loan also makes provision for the growth of the ministry’s learning lab, which will provide training programmes for disabled persons to acquire skills that would help them get jobs. It will also provide training in adaptive living techniques as well as give them tools for improved quality of life.
Additionally, initiatives like the Women’s Economic Empowerment, Support for Survivors of Gender-Based Violence and the National Action Plan Against Human Trafficking have been earmarked for improvements.
The loan features a 20-year amortisation period, a 5.5-year grace period, a one-year disbursement window, and a SOFR-based interest rate. For context, SOFR, which is the Secured Overnight Financing Rate, is a benchmark interest rate that reflects the cost of borrowing cash overnight, secured by US Treasury securities.
The IDB said it recognises Guyana’s strong macroeconomic performance and its commitment to inclusive social reform. (Department of Public Information)
