His Excellency, Dr Mohamed Irfaan Ali has announced a $900 million revolving fund to support the country’s forestry sector.
The announcement was made during a stakeholder consultation at the Guyana Forestry Commission in Kingston, Georgetown on Friday afternoon.
“We will set aside $300 million in the revolving fund from the government and Demerara Bank has agreed with me to set aside $600 million to back the $300 million. That is $900 million, the interest rate unbelievable of 4 per cent,” the president said.
President Ali stated that $900 million to be unleashed to the market will boost production to meet the demand, particularly for value-added products.
“We are very concerned about the production level and where it should be to meet our national demand,” he noted.
Through a partnership with the Ministry of Natural Resources and the Guyana Forestry Commission, a committee was set up to ensure operators and other stakeholders operate by the relevant guidelines and regulations, President Ali said.
The intervention is in keeping with the PPP/C Administration’s commitment to supporting the sector and ensuring its full potential is realised.