UK expands financing support for Guyana to £3 billion

The Government of Guyana has welcomed the United Kingdom Export Finance’s (UKEF) decision to increase its financing capacity for Guyana from £2.1 billion to £3 billion (One £ = US$1.32), a move that signals deepening confidence in the South American nation’s fast-growing economy.

Finance Minister Dr. Ashni K. Singh described the increase as a powerful indication of London’s “strong and growing confidence” in Guyana’s robust economic trajectory and ongoing development agenda.

The announcement follows a recent high-level meeting between President Mohamed Irfaan Ali and a visiting UK delegation that included representatives from UKEF and His Majesty’s Deputy Trade Commissioner for Latin America and the Caribbean, Jonathan Knott. The discussions centered on strengthening trade and investment ties between the two countries and exploring new opportunities for collaboration in key sectors such as infrastructure, energy, and manufacturing.

According to a statement from the Office of the President, the expanded UKEF support will “assist in ramping up development in priority sectors identified by the Government of Guyana over the next five years.” The statement also noted that Guyana’s private sector stands to gain from additional financing opportunities that will help businesses expand operations and form strategic partnerships with British firms.

Dr. Singh emphasized that the increase in UKEF financing comes at a crucial time in Guyana’s development, as the government continues to roll out large-scale projects across the country in areas such as energy, transportation, healthcare, and education. “This enhanced capacity will enable Guyana to access new streams of financing and technical expertise as we continue to modernize our economy and deliver sustainable growth for our people,” he said.

The Minister also expressed gratitude on behalf of the government for the UK’s longstanding support. “The partnership between Guyana and the United Kingdom has been instrumental in fostering collaboration between our two nations,” Singh said. “As Guyana continues to accelerate its development and solidify its position as a leading investment hub in the region, we welcome the UK’s commitment to deepening this relationship.”

UKEF, the UK government’s export credit agency, helps British companies secure finance for international projects by providing guarantees, loans, and insurance to facilitate trade. Its involvement in Guyana is expected to pave the way for British firms to participate in major development initiatives, while ensuring that Guyana can access capital on competitive terms.

The decision to increase UKEF’s capacity for Guyana aligns with the UK’s broader strategy of strengthening economic engagement with the Caribbean and Latin America. It also underscores growing international confidence in Guyana’s economy, which has been among the fastest-growing in the world in recent years due to its expanding oil and gas sector and increasing investment in non-oil industries.

The government said it remains committed to using the expanded financial support to accelerate development and promote inclusive growth. With UKEF’s backing, officials expect greater collaboration between public and private sector entities in both countries, driving forward Guyana’s vision of becoming a diversified and resilient economy.