EXIM Bank Approves Guyana’s Gas-to-Energy Project

Approval Details

The United States Export-Import (EXIM) Bank has approved Guyana’s Gas-to-Energy (GtE) Project, valued at over US$526 million, at its Board Meeting on Thursday.

According to a phone call from President and Chair of US EXIM, Reta Jo Lewis, to President Dr. Irfaan Ali, the bank made the decision after completing a 35-day congressional notice period.

About the Project

When completed, the GtE Project is slated to deliver 300MW of Power to the grid, expanding the supply of electricity, cutting the carbon footprint per kilowatt hour, and reducing energy costs to consumers by 50 percent.

Reaction

President Ali thanked Lewis and her team for the approval granted and for their confidence in this GtE project and Guyana.

Ali also commended the Guyana teams at the Office of the President, the Ministry of Finance, the Ministry of Natural Resources, and the Guyana Embassy in Washington, D.C., whose work helped secure this important outcome for the country.

Conclusion

The approval of the GtE Project by the EXIM Bank is a significant milestone for Guyana’s energy sector and a testament to the country’s commitment to reducing its carbon footprint and increasing its energy independence.

FAQs

Q: What is the value of the GtE Project?

A: The GtE Project is valued at over US$526 million.

Q: What is the expected output of the GtE Project?

A: The GtE Project is expected to deliver 300MW of Power to the grid.

Q: What are the expected benefits of the GtE Project?

A: The GtE Project is expected to expand the supply of electricity, cut the carbon footprint per kilowatt hour, and reduce energy costs to consumers by 50 percent.