US$150M Saudi loan for housing development, Wismar bridge

Two loan agreements to the tune of US$150M were inked in Georgetown on Monday between the Kingdom of Saudi Arabia and the Government of Guyana; it marks the first such agreement between the two governments.

Intended for infrastructural projects, the funds will be spent largely on expanding the local housing programme in three regions but will also allow for critical upgrades to the Wismar Bridge in Linden, Region 10.

Guyana became the 88th nation to receive funding from the Kingdom of Saudi Arabia through the Saudi Fund for Development. It follows a Memorandum of Understanding (MoU) signed last year.

The signing took place in the presence of President Dr. Irfaan Ali and several other officials at his Shiv Chanderpaul Drive Office by Finance Minister Dr. Ashni Singh and CEO of the Saudi Fund for Development Sultan A Al-Marshad.

The visiting official spoke briefly and said it was an exciting day for both sides. The Delegation is currently in Guyana on a three-day visit.

Sultan A Al-Marshad noted the focus on building sustainable economies.