The African Export-Import Bank (Afreximbank) officially exchanged a loan proposal totaling US$500 million with Guyana during the hosting of its 31st Annual Meetings in Nassau, Bahamas on Thursday.
While it was not a signed deal, the proposal was received by President Dr. Irfaan Ali who is currently attending the meeting and will speak later in his capacity as Chairman of the Caribbean Community (CARICOM).
Several other deals were signed with the Bahamas and Barbados among regional countries benefiting.
The US$500 million proposal presented to Dr. Ali is for the construction of a sovereign facility in Guyana.
In a brief sideline comment after the exchange, Dr. Ali clarified with the News Room that the funds will likely be used for the construction of a “government facility.”
The proposal will form the basis for further discussions between the borrower (Guyana) and the lead arranger (Afreximbank).
Once finalized, the disbursement of the US$500 million loan facility could come within the next few months.
It was extended last year by the bank to support Guyana’s infrastructural transformation.
The bank is also making contributions to Guyana with an overall US$1.5 billion made available for the Caribbean. (By Kurt Campbell in Nassau, Bahamas)