Friday, April 19, 2024

Cabinet approves three external loan agreements valued over US$25M

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GEORGETOWN – The Government of Guyana and three international financial agencies have signed loan agreements totalling over US$25M to improve the education sector, and the efficiency of public payment system.

During his weekly post-Cabinet press briefing, Minister of State Joseph Harmon said the external agreement was submitted to Cabinet by Minister of Finance Winston Jordan.

An agreement was signed for the sum US$11.7M, between government and the Caribbean Development Bank (CDB) to improve the quality and effectiveness of the Technical Vocational Educational and Training (TVET) system in Guyana.

For a Special Drawing Rights (SDR) to improve the safety and efficiency of public payment systems, the sum of $4.5M will be provided by the International Development Association – World Bank.

Meanwhile, the sum of US$9.9M will be provided by the World Bank for a Special Drawing Rights (SDR) to improve the teaching practices and student achievement of mathematics at the primary level, and to improve the teaching capacity at the University of Guyana (UG) Facility of Health Sciences.

Minister Harmon noted Cabinet had approved their submission to the National Assembly in accordance to section 3, (6) of the external loans act Chapter 74:08 of the Laws of Guyana. (GINA)

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