Approximately €7.56M Approved by EU to Support Guyana

• According to the Caribbean Community’s (CARICOM) Business News Aggregation service, the European Union (EU) has approved the allocation of €7.56 million (equivalent to G$1.8 Bn) to Guyana, as part of its Budget Support Programme. 
• Last Tuesday, a joint press conference was conducted where President Irfaan Ali clarified that the grant fund represents the “final tranche of payments under a multi-year programme” valued at €30 million. CARICOM clarified that the funding support came into being after Guyana lost Europe as one of its preferential markets for sugar. 
• During the press conference, the EU Ambassador, Fernando Ponz Cantó pointed out that the grant funds are fostered through the EU’s national treasury, and this contribution is a validation of the EU’s confidence and trust in the PPP/C government. 
• Previously, the funds from EU’s Budget Support Programme for Guyana were allocated toward housing, climate adaptation, improved infrastructure, and repairing the country’s sea defences. This was evident in a similar Budget Support Programme last year, where the EU disbursed G$ 19.8 billion for Guyana.

 

(Source: Kaieteur News)