Guyana Signs Financing Deals With European Union on Hydro Power, Sugar

By: Caribbean Journal Staff - May 26, 2012

Above: Guyanese and EU officials

By the Caribbean Journal staff

Guyana and the European Union signed tow financing agreements Friday to fund a micro-hydropower system and accompanying measures to the sugar sector.

The total cost of the micro-hydropower system, which will be established at the Chiung River, will be approximately $909,554. Of that amount, the European Union will be contributing around $2.29 million.

“We have said that we would like to bring electricity to every home in Guyana,” said Finance Minister Dr Ashni Singh. “We recognize that, given the geography of our country, it would be difficult to have a single national grid that would see the delivery of electricity to every home.”

That has led Guyana’s government to launch a series of alternative energy projects, highlighted by a plan to provide solar panels to Guyana’s Amerindian communities.

The second agreement, which involves accompanying measures on sugar, will see the provision of $31.17 million.

The sugar agreement involves development support that is tied to the achievement of certain objectives and, once delivered, it is deposited into a consolidated fund.

“So there is a key set of objectives, which are basically aimed at increased production on output and increased efficiency and competitiveness,” Singh said. “Then, there are specify indicators that are identified, and targets that are identified between the sugar industry, the government and the EU.”



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