Category Archives: foreign investment

Guyana: Gas to shore: the pros and cons – ZOOM discussion – Moray House Trust- December 4. 2021

Gas to shore flyer.png
You are warmly invited to join us for the final Moray House Trust panel discussion of 2021.
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Title:             Gas to shore: the pros and cons
Speakers:     Fred Collins (TIGI), John Palmer and others

Date:            Saturday 4th December 2021

Time:           5.00 PM Guyana – 4.00 PM New York – 9.00 PM London

Guyana: IDB says withdrawal rules for Guyana’s wealth fund too complex; departs from good practices

 OilNOW 

Guyana’s development partner, the Inter-American Development Bank (IDB), suggested in a report that the government reform the withdrawal rules in Guyana’s Natural Resource Fund (NRF) to make them simpler and less rigid. The advice is found in the report – ‘Economic Institutions for a Resilient Caribbean’ which was published in February.

The NRF was enacted in 2019 under the previous APNU+AFC administration. At the time, the government had explained that the legal framework for the fund includes provisions for public oversight management, the nature and source of deposits, withdrawals, including Parliamentary approval, and determination of amounts to be withdrawn. However, the PPP/C which was then in opposition, had contended that the framework is complex and places too much authority in the office of the finance minister. After assuming office in 2020, the PPP/C led government began moving towards overhauling the legal framework for the fund and has said it hopes to table the draft legislation before the end of the year.              Continue reading

Guyana: ExxonMobil audits will be done; locals must be involved- says Vice President Jagdeo

VP-Bharrat-Jagdeo

OilNOW – 18 November 2021

Guyana’s Vice President Dr. Bharrat Jagdeo said the Government is seeking to assemble a group of strong local auditors to collaborate with an international firm for the audit of ExxonMobil’s post-2017 costs.

“We have made it clear what our intention is, to have local people involved,” the VP said on Wednesday, November 17, 2021.

The government came in for criticism lately from sections of Guyanese civil society because it hasn’t yet contracted a firm.      Continue reading

Money Laundering: Nigerian Anti-Corruption Tsar Tells Britain’s Boris Johnson:

‘There are thieves and there are receivers, London is most notorious safe haven for looted funds in the world today’ 

By Lionel Faull, Ted Jeory and Purity Mukami | Finance Uncovered

A senior anti-corruption adviser to Nigerian president Muhammadu Buhari today issued a stinging rebuke to Boris Johnson’s claim that Britain is “not remotely a corrupt country” – saying the UK is in fact a major enabler of looted funds from Nigeria.

Professor Sadiq Isah Radda, who is the executive secretary of the Presidential Advisory Committee Against Corruption in Nigeria, told the British Prime Minister that London was actually “the most notorious safe haven for looted funds in the world today”.       Continue reading

Guyana: ‘Govt.’s borrowing binge will hurt Guyana’ – says former Finance Minister Jordan

Nov 08, 2021 –Kaieteur News Former Finance Minister Winston Jordan, has expressed grave concerns over Guyana’s borrowing spree and he also questioned the legality of a letter sent to the Chinese ambassador regarding a loan request of US$1.5B, which he said was signed by a finance ministry official instead of the subject minister who according to Section 58(1) of the Fiscal Management and Accountability Act 2003 (FMAA), has the sole authority to borrow on behalf of the Government of Guyana.

In a letter to the editor of this newspaper, Jordan said that he had begun to hear rumours, around March, about the government’s approach to China for loans totalling US$1.5 billion, to finance various infrastructure projects.        Continue reading

Guyana: The GHK Lall Column – The news this week – positive and negative

Deputy Speaker and appointments, D’Urban Park fire station HQ, fish and shrimp production, Exxon and Yellowtail, Malaysians and local logging,

The news is almost all disturbing this week. I worked overtime to find positives. Deputy Speaker of Guyana’s Parliament, the Hon. Lenox Shuman, is finding his voice, shaking off the rust; I am delighted for him. Mr. Shuman has called on the President to finalise the appointments of Chancellor of the Judiciary and Chief Justice, along with those of Commissioner of Police and Chief of Staff of the Guyana Defence Force.

It is a sound call from the Deputy Speaker, one that is overdue. Looking closely at these four crucial positions, it is easy to discern that the first three are overseers of law, peace, and security nationally, while the fourth is of the maintenance of order at our borders.          Continue reading

Guyana: Liza Unity FPSO to develop approximately 600 million barrels of oil – ExxonMobil

Guyana: Visiting high-level Barbadian team sees more investment opportunities here

By Kellon Rover – 

Guyana’s Minister of Public Works, Bishop Juan Edghill, MP, on Sunday October 25, met with the high-level Barbados Housing and Investment Mission team at the Watooka Guest House Linden, Region 10.

Headed by Barbadian Minister of Transport, Works and Maintenance, Dr. William Duguid, the visiting delegation arrived in Guyana last Friday to seek investment opportunities and strengthen trade relations between the two CARICOM nations.

Minister of Public Work, Bishop Juan Edghill, MP engaging the Barbadian delegation at the Watooka Guest House, on Sunday.

Continue reading

GUYANA AT DUBAI EXPO – Video of the Presentation – October 19. 2021

GUYANA AT DUBAI EXPO (SAMUEL MEDAS, POONAM SINGH, NEKEITA, GAVIN MENDONZA)

Take a look at Guyana’s performance at the Dubai Expo. Very good showcase from #TeamGuyana

Released October 19, 2021

Guyana: Agreement signed for US$5M concrete manufacturing facility by United Arab Emirates (UAE) company

GUYANA CHRONICLE – October 20, 2021
Smart City Clearing Company Limited Managing Director, Gavin Smith, and Global Infrastructure Solutions CEO Troy Phillips participating in the Unidome signing ceremony in Dubai on Tuesday
Smart City Clearing Company Limited Managing Director, Gavin Smith, and Global Infrastructure Solutions CEO Troy Phillips participating in the Unidome signing ceremony in Dubai on Tuesday

A US$5M investment to develop a 20,000 square foot manufacturing facility intended to produce biaxial voided slab technology in Guyana is the first manufacturing international joint venture partnership and investment between Guyana and the United Arab Emirates (UAE).

The partnership was facilitated by Guyanese merchant bank, Smart City Clearing Company Limited, between Guyanese-based engineering, procurement, and construction firm, Global Infrastructure Solutions Guyana Inc, and Undiome Global DWC LLC, an Emirati-owned company.      Continue reading

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