India announces extension of USD 500 million line of credit for Guyana

ST.JOHN'S: India has announced an extension of a USD 500 million line of credit for roads, health and defence projects in Guyana as External Affairs Minister S Jaishankar met Guyanese President Mohamed Irfaan Ali in Antigua and Barbuda.

Jaishankar, who arrived in St. John's on Tuesday, met President Ali on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) on Wednesday.

"Delighted to meet with President Dr Irfaan Ali of Guyana. @presidentaligy. Reviewed the steady progress in our bilateral cooperation, especially after PM  @narendramodi’s visit in 2024," Jaishankar posted on social media on Wednesday after the meeting.

The two leaders discussed ways to further strengthen cooperation in areas of mutual interest, including trade and investment, energy, agriculture, infrastructure development, digital technology and capacity building, a statement issued by the Ministry of External Affairs (MEA) said.

"Announced extension of USD 500 mn Line of Credit for roads, health & defence projects," Jaishankar said.

India has already completed several development projects in Guyana, and the new line of credit will further strengthen the development partnership between the two countries, the statement said.

The two countries also signed three agreements, including on the supply and installation of Micro and Small Enterprises (MSEs) manufacturing projects and grant assistance for implementation of Quick Impact Projects (QIPs), the statement said.

The third agreement was on cooperation in the field of Digital Public Infrastructure (DPI) and the Functioning of a Unified Payments Interface (UPI)-like System in Guyana, it said.

India and Guyana share longstanding and close relations, rooted in historical, cultural and people-to-people ties. The countries are not only members of the Commonwealth but also Global South partners.

The two countries will continue to work together to strengthen their multifaceted cooperation and advance shared priorities for development and prosperity, the statement said.

Earlier, Jaishankar attended a Commonwealth heads of government and business leaders' breakfast meeting where he urged Commonwealth partners to "de-risk and diversify.