The Finance Minister of Guyana, Dr Ashni K. Singh, finalized a Line of Credit (LOC) Agreement worth US$23.27 million with the Export-Import Bank of India (EXIM Bank) for the acquisition of two aircraft. Deputy General Manager – Line of Credit Group, Mr. Sanjay Lamba signed the agreement on behalf of the Indian EXIM Bank, reported New Guyana.

This agreement marks the most recent phase of the Guyana Government's continuous efforts to enhance the capabilities of the GDF (Guyana Defence Force) and stems from President Ali's visit to India's state-owned aerospace and defence firm, Hindustan Aeronautics Limited, in January 2023.

During his remarks, Dr. Singh expressed the government's deep gratitude for India's steadfast support to Guyana, highlighting the longstanding relationship between the two nations rooted in history, people, culture, as well as recent economic and commercial collaboration. He warmly welcomed Lamba to Guyana and acknowledged the pivotal role of EXIM Bank in facilitating the presence of Indian companies in the country, thus contributing to the expansion of productive capacity across various sectors.

Dr Singh said, “We want to see more Indian companies doing business in Guyana, we are open to companies from around the world, including of course, India, and India is amongst the economies that are at the cutting edge of technology, and we want to receive the benefit of that cutting edge technology.”

In reiterating the government’s commitment to bolstering the country’s security sector, Minister Singh explained that the Government is investing heavily in strengthening the capabilities of the GDF, in particular, in some of its specialised wings, such as the Air Corps and the Coast Guard. He further said that the purchase of the two aircraft is part of the biggest-ever investment in the capitalisation of the force thus far.

The minister extended gratitude to Lamba and his team for their outstanding efforts in finalizing the LOC. He also acknowledged the contributions of others involved, including High Commissioner Dr. Telang and the team from the Indian High Commission, Chief of Staff of the GDF, Brigadier Omar Khan and his team, as well as Chief Planning Officer Dr Tarachand Balgobin and other technical staff from the Ministry of Finance.

High Commissioner of India to Guyana, Dr. Amit Telang, emphasized India's significant regard for its relationship with Guyana and highlighted that the signing of the LOC is yet another step towards solidifying the partnership between the two countries. Dr. Telang also noted that today's Agreement marks the first-ever defence LOC signed with the Caribbean region, underscoring its historical importance.

Speaking on behalf of the defence sector, Brigadier Omar Khan, Chief of Staff of the GDF, acknowledged the longstanding contribution of the Government of India to defence training in Guyana spanning decades. He highlighted that today's signing aligns with President Ali's vision of enhancing the security sector, which is crucial for maintaining peace and prosperity for all of Guyana.

With the signing of this LOC Agreement, the Government of Guyana has received a total of eleven (11) LOCs from the Indian EXIM Bank over the years.

(With Agency Inputs)