China commits US$3B to Caribbean in grants and loans

China commits US$3B to Caribbean in grants and loans

June 4, 2013 – GINA.


Picture: The Guyana delegation meets the Chinese Chinese Delegation in Trinidad

Guyana will soon be looking at how it will tap into a US$1.5B grant announced by the Chinese Government, during a visit of that country’s President Xi Jinping to Port of Spain, Trinidad.

This was announced by President Donald Ramotar, shortly after Caribbean Community (CARICOM) Heads met with the Chinese Head of State at the Hilton Hotel in Port of Spain, for a luncheon.              

“The Chinese Government has committed to give the region much more assistance, US$1.5B to help with some infrastructural work and US$1.5B in concessionary loans for the region, so I think China has demonstrated once again, its friendship to our region, and to help us to try to improve the quality of life for the peoples of our countries,” President Ramotar said in an invited comment.

Guyana will be benefitting from this, and according to President Ramotar, efforts will be made shortly to identify how Guyana will tap into this facility.

“That has just been announced, so we will have to work out what are the critical areas we will want to work on,” President Ramotar said.

Two years ago, the Chinese Government had pledged US$1B in preferential loans to support the local economic development of the Caribbean region when China’s Vice Premier Wang Qishan met CARICOM leaders in Trinidad and Tobago at a Business Conference of the third China-Caribbean Economic and Trade Cooperation Forum.

Priority areas had been in the fields of finance and investment, capacity building, environmental protection, new energy, culture, education, health, trade, tourism as well as agriculture and fishery.  Wang had said the Chinese Government had intended to deepen China-Caribbean cooperation.

Focus was also on the training for no less than 2,500 Caribbean nationals and 30 at the post-graduate level to study in China, an early warning monitoring network for earthquakes and tsunamis.

During that forum Guyana and China inked a 30 million RMB grant agreement on September 12 that would see funding for a number of priority projects in Guyana.

Today’s meeting between Regional leaders and the Chinese President was attended by Presidents of Trinidad and Tobago Anthony Carmona, and   Suriname, Desi Bouterse, and the Prime Ministers of Barbados, Trinidad and Tobago, Jamaica, Dominica, Grenada, and other representatives of the Caribbean region.

President Ramotar was accompanied by Finance Minister Dr Ashni Singh and Foreign Affairs Minister Carolyn Rodrigues-Birkett, the Government Information Agency (GINA) reported.

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  • Cyril Balkaran  On 06/05/2013 at 2:06 pm

    The 1.5 B US$ grant to Guyana alone as a member of CARICOM will greatly assist the President Ramotar to deal with the Budget Cuts by the Combined Opposition Forces working against the working class people of Guyana.

  • Ishwar R. Prashad  On 06/05/2013 at 4:46 pm

    Berware of China bearing gifts. China’s has a gargantuan appetite for resources, whether it be in Australia, Africa, Canada or the West Indies. They build stadiums, rail, roads and pile on other ‘gifts” to earn entry, but once there, they are rapacious, bring cheap Chinese labor, despoil the land and behave as any other deprading colonialist. It is not even quid pro quo, because what they give they take back ten-fold.If you get in bed with the “cuddly panda”, be alert, because it is a ferocious lover. They come polite, smiling and bowing but, don’t be fooled. They are not your friends. You are not their equal. It’s business and they desperately need resources to maintain their internal growth and reduce potential turmoil ( they are only postponiong the inevitable)

  • Cyril Balkaran  On 06/06/2013 at 9:12 am

    Over the last 50 years or so, China has been able to sell itself on the International Market as the Asia’s Super rising State that lacks nothing socially, politically and economically. They have made similar deals with the 34 African nations and are bringing to the shores of these countries economic wealth and Prosperity in the terms of social development and improved standard of living!
    Like our Colonial masters they develop the country at a Price. If you accept the terms and conditions of their agreements then you are in China’s Economic LOOP. This is a smart way of doing business with the Chinese. They know that countries are flat broke when they approached them and will be willing Partners for any deals. Countries must learn to bargain for their own economic development or Lose out. Internal Corruption and the extent of the International Narco trade have robbed the world of economic development and world leaders who have called in China as a last resort have admitted Political Failures. Chinese hedgemony is similar to that practised in the British, Germans, Europeans, Spanish, and of course the Americans! They are also pumping Trillions of $US into the economy of the USA! He who pays the Piper calls the TUNE!

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