GUYANA - The Government of Guyana has received the “Deal of the Year” award from the Export-Import Bank of the United States (US EXIM) for the US$527 million loan borrowed for the Gas-to-Energy (GTE) project.
Guyana’s Senior Minister with responsibility for Finance, Dr. Ashni Singh, accepted the award on behalf of Guyana while representing President Irfaan Ali at the bank’s 2025 Annual Conference in Washington, DC.
Dr. Singh shared the news on his official Facebook page on Wednesday night, describing the award as a testament to the transformative nature of the GTE project. He highlighted that the initiative will double the country’s electricity-generating capacity and cut electricity tariffs by 50%, benefiting households and industries alike. The minister also noted that this is the first project Guyana has undertaken with the US EXIM Bank, calling it a sign of the strengthening relationship between Guyana and the United States.
The minister further revealed that the Government intends to advance discussions with the Bank on additional projects, including those aimed at enhancing port security, boosting trade, and improving food security across the Caribbean and the wider hemisphere. In January, the government signed the US$527 million loan agreement with US EXIM Bank to finance the GTE project. The signing took place at the project site in Wales, West Bank Demerara. The loan supports the construction of a Natural Gas Liquids (NGL) facility and a 300-megawatt power plant. Gas will be transported from the offshore Stabroek Block’s Liza oilfield via a 12-inch pipeline to the site, where 50 million cubic feet of gas will be converted into power daily.
The project is being executed by a joint venture between CH4 and Lindsayca, companies based in Texas and Puerto Rico, respectively. Hired in 2022, the joint venture is constructing the plant and facility at a cost of US$759 million, with completion expected this year. (Kaieteur News)
