US companies’ housing investment signals confidence in Guyana – AG
The decision by two United States companies to construct 10,000 affordable homes in Guyana is a strong indication of growing international confidence in the country’s investment climate and the government’s development agenda.
This is according to Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall, S.C. on his Facebook podcast “Issues in the News”.
US Frame Factory of Louisiana and Golden Shield Homes of Indiana are expected to work together on the housing initiative, with financing from the United States Export-Import Bank (EXIM).
Reflecting on the development, AG Nandlall said the growing involvement of major international financial institutions in Guyana demonstrates the confidence being placed in the country.
“These are signals from huge financial giants that they have confidence in Guyana. They have confidence in the government, and they have confidence in investing in Guyana,” the legal affairs minister asserted.
The AG pointed to the increasing availability of financing from international export-credit institutions, noting that such facilities are now supporting projects across several areas of Guyana’s development.
He said this represents a significant change from two decades ago, when such institutions were not financing projects in Guyana.
“Twenty years ago, none of these banks were prepared to finance projects in Guyana. Today, you have United Kingdom Export Finance, India Exim, China Exim, US Exim and the African Exim Bank… all expressing interest to invest in Guyana,” he stated.
Minister Nandlall said the financing being attracted is supporting projects not only in the private sector, but also major national development initiatives, including energy, highways, deep-water ports, airports, river dredging, security and now, housing.
Against this backdrop, he described the planned U.S.-backed housing investment as particularly significant, noting that the two companies are prepared to enter the Guyanese market and contribute to the President Irfaan Ali-led Government’s affordable housing programme.
AG Nandlall said the willingness of international companies and financial institutions to commit capital to Guyana reflects their assessment that projects being undertaken in the country are feasible, viable and capable of attracting long-term investment.
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