Blog Post

02 Jun
By: ict 0

Guyana benefits from US$50M loan from India

Commuters traversing the East Coast/East Bank corridor will soon experience less congestion on the roadways, avoid traffic jams and see their travel time significantly reduced.

Minister of Finance, Hon. Winston Jordan today inked a loan of US$50 million with Export-Import Bank of India for the construction of a 20km bypass road from Ogle, on the East Coast Demerara to Great Diamond, on the East Bank Demerara.

Signing on behalf of the Export-Import Bank of India was its Resident Representative to the USA, T. D. Sivakumar.

The construction of the bypass road comes at an opportune time when the Government is seeking to advance Guyana’s developmental efforts for the infrastructural transformation of its economy as well as improve transportation linkages across the country.

The Minister of Finance, in his Budget 2016 Presentation, had noted the frustration of road users due to the lack of an adequate road network system to meet the tremendous growth in vehicular traffic.

The bypass is a small step in the comprehensive expansion of the country’s road network system designed to reduce congestion and improve travel times on roadways. It will also provide a direct link between communities on the East Bank and the East Coast of Demerara, and improve connectivity to Ogle International Airport.

Presently, there is only one major thoroughfare that connects the East Bank Demerara to Georgetown and, during peak periods, massive traffic congestion is experienced by commuters on the East Bank Demerara road, which results in significant loss of productivity.

The new roadway will serve as a corridor for communities on the East Bank Demerara, including Perseverance, Mocha, Providence, Eccles, Peter’s Hall and Aubrey Barker Road, and provide a bypass around the city which commuters can use to navigate the outer limits of the city, reduce travel time and avoid the traffic jams.

The new road link will also result in approximately 1,010 acres of unutilised lands becoming available to create a modern housing scheme, which can support some 2,200 households. Consequently, more lands will be made available to meet the increased demands for residential house lots in Region 4.

Additionally, about 120 industrial and commercial plots will be available for economic ventures that can facilitate value-added manufacturing activities and create employment opportunities in the new and existing communities within the region.

This Agreement is another tangible gesture of the cooperation between the Governments of Guyana and India as Guyana continues to benefit significantly from technical assistance, grants and concessional loans among other forms of assistance from India. These have been used to support many interventions in the health, education, infrastructure, transport, agriculture, and sport and culture sectors, among others.

The construction of the East Bank/East Coast Road Linkage Project is geared towards advancing Guyana’s developmental efforts for infrastructural transformation of its economy.

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