Guyana’s president calls for greater private sector support, at meeting with CDB president

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(L-R) Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh; His Excellency, Dr Mohamed Irfaan Ali; President of the Caribbean Development Bank, Dr Hyginus ‘Gene’ Leon

GEORGETOWN, Guyana, (DPI) – President of Guyana, Dr Irfaan Ali, on Saturday, lobbied for greater support for private sector development and outlined the country’s development agenda to the visiting president of the Caribbean Development Bank (CDB) Dr Hyginus ‘Gene’ Leon and his team.

According to DPI reports, vice president, Dr Bharrat Jagdeo and the minister in the ministry of finance, Dr Ashni Singh were part of the meeting, held at the office of the president, during which, president Ali, “outlined with ‘great clarity’ the vision for Guyana and the government’s macro plans, as well as “what it is we believe the bank can do to meet the challenges that face not only Guyana but the region”.

Reportedly, president Ali shared disaggregated information relating to the government’s vision on various sectors and for future projects that are necessary to move the country forward – “an important part of that is the inclusion of the private sector and greater support for private sector development.”

The report stated that: “Calls were also made for more information to be made available to the private sector to help them understand the bank’s existing opportunities, and for “a reform within the bank itself” to cater to the developmental needs of the region. The Guyanese team of government officials emphasised that the bank has an important role to play in supporting private sector development not just in Guyana, but throughout the region.”

President Ali has been adamant that the government would support private sector initiatives, especially when it comes to developmental projects. This viewpoint was expounded by Dr Singh, who noted that the private sector is earmarked to play key roles in Guyana’s future.

“… We have been speaking about things like public-private partnerships for some time. We are hoping to be able to see private financing play a bigger role including in infrastructure projects. And then of course the role of the private sector in investing in the productive economy,” added Dr Singh, “ today’s discussion can be viewed against the backdrop of Guyana’s role not only as a borrower and a beneficiary of the bank but as a shareholders.”

He further explained that a brief history of the bank’s engagement in Guyana, includes support for a number of developmental projects, especially through the bank’s Basic Needs Trust Fund facilities. Conversations also focused on issues surrounding climate change, the environment, the energy sector and the national development priorities of Guyana and other Caribbean nations, said the DPI report; “ the exchanges were “very forward-looking,” not only the articulation of Guyana’s development agenda, but through shared ideas on the bank’s future in the region” said Dr Singh.

“… It was a very forward-looking conversation about the future direction with the bank and potential opportunities for the bank. We shared some thoughts on the bank’s continued important role in the region’s landscape,” he added.

Building new relationships

Giving an insight into the meeting from the CDB’s perspective, Dr Leon said that the discussions were “very constructive” and underscored how the Bank and Guyana would sustain their great relationship.

“We touched on a number of topics that are of common concern now in the region in terms of its development and how the Bank can hopefully assist in that particular direction.”

Dr Leon, is on a two-day visit to Guyana, is expected to meet with the CDB’s key interlocker in Guyana, the ministry of finance, and other government agencies. He also intends to visit some projects that the CDB would have facilitated over the years and possibly engage, informally, with the private sector.

The visit to Guyana by the CDB president is the first stop on his trip around the Caribbean since taking the reins of the regional multilateral institution in May.

Related: CDB president makes first official visit to Guyana

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