By the Caribbean Journal staff
Guyana’s electricity system will soon be getting a boost from funding from the Inter-American Development Bank.
The IDB has approved loans totaling $37.6 million, while securing investment financing from the European Union in the amount of $26.9 million to help improve the efficiency and reliability of Guyana’s power system.
The total budget of the project is just under $64.6 million.
The programme will be a combination of electricity loss reduction measures, improvements in operational capabilities and strengthened management of the country’s Guyana Power and Light utility, the bank said.
As Guyana grows over the next decade, the country expects to significantly increase its electricity consumption, according to the IDB, which should see the return of large numbers of customers to the national grid.
Today, however, Guyana Power and Light has a number of challenges, including “high levels of electricity losses,” the bank said.
The upgrade programme will be the first one to be co-financed by IDB resources and non-reimbursable funding from the European Union’s Caribbean Investment Facility.