July 10, 2008

Latin American IFC team meets with President Jagdeo

- Expresses interest in Guyana projects

Stabroek News

GEORGETOWN, GUYANA  -- As the administration continues to make strides in creating an investment-friendly atmosphere in the country, a team from the Latin America International Finance Corporation (IFC), the private sector arm of the World Bank, yesterday met with President Bharrat Jagdeo at the Office of the President.

President Bharrat Jagdeo meeting with a team from the Latin America International Finance Corporation (IFC), the private sector arm of the World Bank, at the Office of the President yesterday.

The team comprised Athul Metha, the institution's Director, Latin America and the Caribbean Loy Pires, Manager, Latin America and the Caribbean; and Kirk Ifill, Manager for the English-speaking Caribbean.

The President noted that during the visit, discussions centered on projects in Guyana which the institution expressed interest in financing.

According to the IFC, part of its strategy for Latin America and the Caribbean, which includes Guyana, is assisting in making markets successful, working towards improving the region's business environment, broadening and deepening access to finance by persons with small and medium enterprises, and encouraging the sustainable development of physical and social infrastructure.

It is also the institution's business to seek partnerships with companies and to assist them to compete globally, as well as set benchmarks for responsible business practices.

Only Tuesday, the President met with Jim Flannery, Exxon's South America Area Manager as plans are ongoing in the area of oil exploration in the country. Exxon is one of several international companies that have invested significantly in oil exploration in Guyana, and Flannery expressed his satisfaction that the President has been creating a friendly investment climate which is attracting a number of investors.

The President recently expressed the hope that actual oil drilling to be done by the Canadian company CGX would take place shortly in the Guyana-Suriname basin, and that the company would move forward from its seismic stage. He also urged other companies which have secured other offshore positions to speed up the oil exploration process as fuel prices continue to soar worldwide.