Islamic Bank approves US$20m for Guyana power supply upgrade

IsDB global membership map

By Ray Chickrie
Caribbean News Now contributor

GEORGETOWN, Guyana — Unreliable power supply woes in Guyana may soon be a thing of the past after the approval by the Islamic Development Bank (IsDB) of a loan of US$20 million for the Guyana Power and Light (GPL) utility upgrade programme for a comprehensive turnaround of the company, a press statement from Finance Minister Winston Jordan’s office said on Saturday.

This loan is the first sum to be disbursed from the resource envelope of US$900 million that was extended to Guyana by the IsDB in 2017.

Meanwhile, the opposition criticised the government for borrowing from the IsDB, an AAA rated institution. However, the opposition while in office marketed the Guyana’s resources cheaply and borrowed…

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