Guyana receiving solid aid from Canada to spur economic growth

Guyana has been receiving solid aid from Canada to further fast-track its rapidly growing economy while at the same time catering to the needs of its people.

Just two days ago both countries signed an agreement for a CAN$120 million loan to improve social services in the country.

A newly launched One Guyana Digital Initiative was also implemented by both countries where it seeks to equip some 2,000 young Guyanese with information technology skills along with promising careers in the digital world.

The Canadian government is contributing close to CAN$10 million for this project.

In an interview with the Department of Public Information (DPI)on the sidelines of the 46th Regular Meeting of the Conference of the Heads of Government of CARCIOM, Canada’s Minister of International Development, Ahmed Hussen stressed that Guyana is a great country to partner with, as it opens numerous opportunities.

According to him, these opportunities will set a good eco-system for future growth in the country.

“Guyana is undergoing tremendous economic growth, so there are opportunities here for Canadian companies and Canadian businesses and other businesses from different countries as well. And these opportunities can be found in all sectors of the country, not just in the oil and gas but beyond that,” the Canadian minister posited.

He noted, however, that it is important for both countries to have an agreement that will protect investments in each other’s territory.

This agreement, he said, is known as the Foreign Investment and Protection and Promotion Agreement (FIPA).

The international development minister stated that his country is ready to sign that agreement with Guyana.

“Canada and Guyana share common values of democracy, human rights, and the rule of law. So, the business environment here is very good…So, I have encouraged the ministers here to consider signing a FIPA with Canada which is the next stage I think in our commercial relationship,” Minister Hussen disclosed. Moreover, he recounted that the two countries are doing a lot together as it pertains to women’s empowerment, poverty reduction, youth, and indigenous people.

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