US EXIM Bank ready to make deals in Guyana

Less than four months after signing a landmark US $2 billion Memorandum of Understanding with the government, representatives of the Export-Import Bank of the United States (EXIM) engaged local businesses on how they can tap into the opportunity. The agreement allows for direct loans, loan guarantees, and insurance products, to finance the sale of U.S. exports to Guyana and is accessible to local companies doing business with US counterparts. In a presentation at the Arthur Chung Convention Centre on November 18, Senior Vice President (Acting), Office of Small Business, Tamara Maxwell shared that the loans can be used to pay for materials, equipment, supplies, labour, and other inputs to fulfill export orders. The bank provides 90% guarantee of repayment to the lender and offers more attractive advance rates than conventional financing. “Ninety percent of our transaction is done with small businesses… we do not have a minimum or maximum,” Maxwell stated. She offered that there have been loans for as low as US$2,000 (GY $400, 000) used to support investments into used books and clothing. The panel discussion was organized by Minister of Finance Dr. Ashni Singh who indicated that “we (government) are in a hurry to deliver development to the people of Guyana and we see EXIM bank playing an extremely important role.” Meanwhile, US Ambassador to Guyana Sarah-Ann Lynch has expressed her country’s desire to be the largest foreign investor in the fast-growing Guyanese economy. In his address to the well represented private sector audience, President Irfaan Ali challenged the group to take advantage of the opportunity. “We have to be in a state of readiness,” he added. The Guyanese leader is hopeful that there can be several proposals/feasibility studies by local businesses under review before the end of the year when the President and Chair of the Board, Reta Jo Lewis plans to visit. From the government side, President Ali is committing to provide opportunity for land to interested Guyanese businesses/individuals, all while developing a portfolio of projects for the bank’s involvement. Visit https://www.exim.gov/ for more information.