June 25, 2017

Guyana govt signs G$922M pact with EU

Finance Minister Winston Jordan and EU Ambassador Jernej
Videtič after signing the multimillion-dollar pact

The Government on Wednesday signed a €4 million Technical Cooperation Facility and Support Services Agreement with the European Union (EU) for the implementation of Guyana’s development strategies and policies.

The pact was signed by Finance Minister Winston Jordan and Head of the EU Delegation in Guyana, Ambassador Jernej Videtič at the Finance Ministry’s office on Main Street.

The Agreement, which will see the National Authorising Officer (NAO) receiving G$922.8 million, assures EU support for the implementation of Guyana’s development strategies and policies.

It will also support the operations of, and improve the institutional capacity within, the NAO Task Force in the Finance Ministry for the efficient planning, implementation and monitoring of development projects and programmes financed by the EU.

The Technical Cooperation Facility will be used to provide short and long-term technical assistance, policy advice and studies as needed in the programming, preparation or implementation of actions, as well as for audits and evaluation and to support the country’s public financial management (PFM) reform agenda.

Guyana shares a long standing relationship with the EU; the EU is the main provider of grant funding to the country.

Since the cooperation between the two countries began in 1976, the EU has committed over €500 million to development in Guyana.