Investment growing – Investors testify to stable environment
 
Feature writing.....

Guyana’s investment climate continues to appeal to investors. Data provided supports this claim as it reveals that there has been a significant increase in investments over the years and despite the global economic crisis which impacted severely on developed countries, Guyana’s economy remained stable.
With the exception of decreases in the wood sector initially for 2009 and bauxite exports, Guyana rode the crisis very well and the economy performed well in all other areas.
Head of the Guyana Office for Investment (Go-Invest) Geoff DaSilva stated that the number of projects has been increasing substantially along with the average investment per year as compared to previous years.
Expansion and growth in various sectors
Agriculture
A number of new investments was made in Region 9 where approximately 70,000 acres of land will be utilized to facilitate three large projects in Pirara, Rupununi where both Caribbean and North American companies have invested in soybean, livestock, cattle and rice.
A target of 230 projects in the agriculture sector is set for 2010 based on the rapid growth that has been reflected over the past years.


An employee of ACME Geo chemical laboratory preparing a sample for processing.

In the first quarter of 2010 Go-Invest worked with 67 projects, a figure which represented the total number of projects for 2008 in the sector.
This amount increased rapidly in 2009 when 152 projects were facilitated and the sector has seen continued expansion as a result of efforts by Government to develop more medium sized to larger projects.

Services sector
This sector experienced rapid growth aided by new developments in trade between Guyana and Brazil.
There is now a commercial zone in Lethem with electricity access, water supply and other facilities in addition to a light manufacturing and trucking zones and truck and bus terminals.
Approximately 40 businesses were granted long term leases to operate in Lethem’s commercial zone with two already in operation while nine are currently under construction.
This includes a number of sub-sectors such as medical, financial and retail/ wholesale distribution
Construction continues to flourish in this sector which also saw an expansion of established building companies and new companies coming on board.
Readymix cement companies gained substantial investment during the last year with three new companies coming on board.
In 2007 “Readymix” was the only company providing ready mix cement in the sector and most of the construction work had to be done manually using traditional methods.
Today, there are four ready mix cement companies owned by both Guyanese and foreigners among which are BK International, Toolsie Persaud Limited and the original company “Readymix” which continues to operate in Guyana.
A target of 160 projects has been set for the sector which also includes sub-sectors such as medical, financial and retail/wholesale distribution. A total of 150 projects were aided in this sector in 2009, far surpassing the initial target of 57.
Light manufacturing
Companies are also venturing into different areas of investment in the light manufacturing sector where major companies are investing in the manufacturing of products or inputs for construction of products that were previously imported such as windows, steel rods and water tanks.


An employee preparing materials to be used in making windows.

This, DaSilva said is very significant since it means that more foreign exchange is being saved and more employment is created. Another benefit is the assurance of better and timely delivery of the product as opposed to previously when construction progressed slowly because of the amount of time it took to source building materials especially since the construction sector has been continually expanding and demand remains high.

Growth in the financial /medical sub-sectors
A visit to the Diamond New Housing Scheme will convince almost anyone of the sustained growth in the financial sector. There are currently three banks under construction in the emerging town.
            Though there is a significant increase in Foreign Direct Investments (FDI) in terms of foreign projects, there is a more rapid increase in local investments as reflected in the number of local companies that is investing in Guyana.


A new private hospital under construction in Belvedere, Corentyne, Region 6.

This sector has also recorded an expansion in areas of micro credit and medical facilities as seen by the ongoing partnerships between the Georgetown Public Hospital and other foreign entities.
There is also a new investment in a private hospital under construction in Belvedere, Berbice.
Information Communication Technology (ICT)
This sector has seen huge investments which will continue this year with Guyana Telephone and Telegraph Company (GT&T) investing US$30M and Government in partnership with Brazil investing between US $15M and $40M in fibre optic cables.
Additional investments are being made in two new call centres this year which are expected to provide employment for 5000 people.
Investments in this sector, though not as large as other sectors provide huge employment and positive spin-offs since it is non-traditional and low carbon.
Wood sector
In the wood sector there was a decline in early 2009 which subsequently changed as new investors ventured into production.
According to DaSilva, 70 projects are targeted for this year in the wood sector.
Tourism
This sector has been growing consistently over the last 15-18 years as emphasis is now placed on encouraging more investment in eco-lodges which are needed to grow the industry. 
Go-Invest is currently working with companies in the United States, Dominica and Suriname which have done significant work in this regard.
In addition to Baganara, Rockview and Arrowpoint there is need to increase the accommodation capacity for visitors to the interior in order to advance eco-tourism.
There was an expansion in the hotel industry for the 2007 cricket World Cup which equipped Guyana with over 1000 good quality rooms.
In 2006 over 60 projects in tourism came on stream with the construction of new hotels.
This trend continues with the upgrading of Hotel Tower and Pegasus where significant work will commence.
Go-Invest also worked at facilitating the Princess Hotel’s change in ownership and expansion, the opening of its Casino and the soon opening of an entertainment recreational complex expected later this year.
The Go-Invest Head stated that discussions are underway with the National Bureau of Standards to have tourism defined as a separate sector instead of being recorded under other services, so that when calculating Gross Domestic Product (GDP) its real impact on the economy could be calculated.
Once this is achieved, the impact of its contribution to GDP may be a surprise, DaSilva concluded.
Energy
Emphasis is also being placed on alternative energy sources such as hydro power, wind and solar.
Go-Invest is currently working on six projects including the wind project at Hope Estate.
 In addition to the Amaila Falls hydro project discussions are ongoing for another hydro project with some major Brazilian companies and a number of smaller solar projects in the making.
Meanwhile Takutu Oil will soon commence drilling in the Takutu basin in the Rupununi along with CGX and Exxon which are expected to commence drilling early next year.
Bio mass and other energy sources are also being explored in the context of the Low Carbon Development Strategy (LCDS) which include different types of trees being grown and harvested for energy.
An ethanol project involving the Guyana Sugar Corportation (GuySuCo) and other projects in bio mass and wind are currently being explored since these have the potential to attract huge investments and foreign exchange.
Mining
Go Invest has worked with five mining projects, but according to DaSilva this does not reflect the reality of what is happening in the mining sector which has seen massive investment.
Foreign Direct Investments
Guyana’s performance in attracting Foreign Direct Investments has been commendable especially in 2008 when according to the United Nations Conference on Trade and Development World Investment Report 2009 where Guyana was rated 11th in the world. According to DaSilva, when compared to other countries in terms of the size of the economy or Gross Domestic Product (GDP) and the number of FDIs gained in one year, Guyana was highly placed. 
Investment trends
In 2010 a target of 613 projects that includes ‘roll overs’ has been set by Go-Invest. This amount exceeds that of 2009 when a target of 325 was set but in reality 457 projects were facilitated in the various sectors while in 2008 a total of 229 projects were aided.
DaSilva outlined diversification as one of the key factors in terms of business activity and investment which is essential to the sustainability of Guyana’s economy.
This he said could only be maintained through additional new sectors and an increase in traditional activities.


Some of the machine parts that were manufactured in Ghamandi's establishment.

New Investments 
Government’s plan to attract more overseas Guyanese investors has been highly successful given the following figures recorded over the past three years.
In 2008, Go-Invest recorded 229 projects of which 44 were overseas Guyanese-owned interests.
In 2009 this number increased to 83 while a target of 112 overseas Guyanese projects has been set for 2010.


The Pegasus Hotel where expansion works are ongoing.

According to DaSilva, the majority of those investments are from Guyanese living in the United States and Canada along with a small number from CARICOM countries.
This, he attributed to the impact of the global financial crisis on the US/Canadian economies which are not as lucrative as before, thus influencing more Guyanese to invest in Guyana.
“We are very happy that Guyanese are coming back and investing especially in the machinery sector, in agriculture, wood and to some extent tourism,” DaSilva said.


Employees at ACME Laboratory at work.

Currently there are machinery entities owned by overseas Guyanese in Enmore, Coldingen and West Berbice which manufacture special parts for equipment in the agricultural and transportation sectors.
Engineering and Computerized Manufacturing Establishment
Overseas Guyanese investor Bob Ghamandi operates an Engineering and Computerized Manufacturing establishment in Enmore, East Coast Demerara. Ghamandi said that “the country is on the right track,” and the progress that is taking place in Guyana is what has inspired him to invest here. Ghamandi manufactures machinery parts and other equipment for both the local and export market. 


Bob Ghamandi demonstrates how to operate a piece of equipment.

Geo-chemical Analysis Laboratory
Acme Labs, a Canadian company which conducts Geo-chemical analysis for large mining companies, also capitalized on the positive investment climate in Guyana.Regional Manager of ACME, Rory Forde attributed Guyana’s stable political and economic climate is what influenced the company to invest here. “Guyana is a very stable country in terms of business investment, there is a stable government in place and it does not have some of the problems that other countries have. The economic environment is also stable,” Forde stated.


Regional Manager of ACME Laboratory Caribbean Rory Forde.


Building materials manufacturing
Gafoors Group of Companies is one manufacturer that has begun bringing forth  new products to benefit from Guyana’s growing economy.


A piece of equipment used in production.

Chief Executive Officer of the Gafoors Group of Companies Mohammed Ali explained that the Company’s expansion and diversification strategy is based on Government’s development plans.
 “The housing sector has shown tremendous growth in the last eight years which is mainly due to the initiative taken by Government to put a roof over everyone’s head. Our diversification and expansion strategy is tied into what is happening in the economy,” he said.


A new private hospital under construction in Belvedere, Corentyne, Region 6

Earlier this year Chief Executive Officer (CEO) of Roti Hut/Rituals Guyana Naeem Nasir also alluded to the development transformation in Guyana over the years and Government’s efforts to encourage a private sector which served as the motivational factor behind the $100 M investment in the establishment of the Roti Hut, Rituals Coffee House and Nestle Ice Cream Parlour at the Cheddi Jagan International Airport (CJIA).


Chief Executive Officer of Gafoor's Group of Companies Mohammed Ali.

            “The opening of these stores represents the stability and the confidence of the Government to maintain a positive investment climate in Guyana,” Nasir said.

Bin Laden calls for more to be done to aid Pakistan flood victims

- in 2^nd tape release

Osama Bin Laden during a recent released tape called on Governments of Muslim nations to do more, as it relates to aiding devastated Pakistanis hit by flood that killed hundreds and displaced millions.

While calling for leaders of Muslim nations such as Saudi Arabia and Egypt to be overthrown, he accused Arab leaders of failing to respond to a major disaster in a fellow Muslim nation, and asserted that the U.N. chief did more then them to help Pakistan, according to International News.

The accused terroristm was quoted as saying that “The (U.N.'s) secretary-general came to witness the catastrophe for himself, and yet no Arab leaders came to witness the disaster despite the short distances and claims of brotherhood," he said.

Barbecued Chicken  

Ingredients

1 x 2 to 3 lb chicken
1 cup water
½ cup vinegar
1½ cups ketchup
½ cup lemon juice
½ tsp allspice
4 tsp piquanté sauce
1 - 2 tsp wirri-wirri peppers, chopped
¼ lb margarine
1 onion, chopped
4 tbsp brown sugar
1 tsp black or white pepper
1 tsp garlic, chopped
1/8 cup vinegar

Preparation

·        Wash and trim away any extra fat from the chicken, then wipe over with vinegar and water.

·        Mix all the other ingredients together in a pan.

·        Heat to boiling point, then reduce to simmer for 10 minutes. Remove from the heat and set aside.

·        Barbecue the chicken, or bake in an oven at 400°F for about 1 hour.

·        After about 20 minutes, and before it is done, baste both sides of the meat with the sauce.

·        Continue cooking at a low heat, turning the meat regularly to prevent it from burning.

Stuffed Chicken Legs

Ingredients

4 chicken legs and thighs, unjointed and deboned
2 tbsp dark soy sauce
1 tbsp sherry
½ tsp salt
½ tsp black pepper
2 tbsp cornstarch
1 medium-size fresh ginger, cut into thin strips
1 cup chicken stock
1 carrot cleaned and cut into long strips
4 stalks chive or scallions
4 long strips ripe plantain
4 cabbage leaves

Preparation

·        In a bowl, mix the soy sauce, sherry, salt and pepper, and cornstarch into a thin paste.

·        Spoon the paste into the cavities of the deboned parts of the chicken.

·        On each cabbage leaf, place 2 to 3 strips of carrot, one stalk of chive, and strip of plantain.

·        Fold the cabbage leaf to enclose them and form a roll.

·        Fill each cavity of the deboned chicken parts with a stuffed cabbage roll. Fold over the exposed portion of the thigh with the loose chicken skin. Tie the leg at intervals with kitchen thread so it appears elongated as a sausage.

·        Heat oil in pot and saute the onions and ginger for a minute.

·        Put in the chicken portions and brown. Add stock. Cover and cook on low heat for 35 minutes.

·        Remove legs from pot on to a platter. Remove strings from legs and cut diagonally in one-inch cross-sectional pieces.

·        Arrange pieces on a serving dish, pour sauce over them and serve hot

Stuffed Cabbage Leaves

Ingredients

8 large green cabbage leaves
1 lb minced beef
4 - 5 slices of fresh bread, ripped up
2 tbsp finely chopped onion
Salt and pepper
1 tsp vetsin
2 tbsp tomato ketchup
Chopped eschallot and celery
¼ pt well seasoned stock
Sliced carrots, onions, and bacon, if desired
¼ pt stock, or water in which 2 beef bouillon cubes have been dissolved

Preparation

·        Mix the mince, bread, onion, salt, pepper, vetsin, ketchup, eschallot, celery and stock together.

·        Trim the cabbage leaves, and blanch for 2 - 3 minutes in boiling water.

·        Drain well, then remove any hard stalks.

·        Divide the mixture into 8 equal portions.

·        Place a portion onto each leaf, and roll up, ensuring that the sides of each roll are tucked in and closed.

·        Arrange in a fireproof dish, over vegetables, and bacon if used, and pour stock around.

·        Simmer for 20 - 30 minutes then serve hot.

Custard blocks (great for the kids)

Ingredients

4 cans evaporated milk
1 cup regular milk
3 eggs
2 envelopes of custard mix
Sugar (added to desired taste)
1/2 teaspoon nutmeg (optional)

Preparation

·        Mix the 2 envelopes of custard with one cup of regular milk.

·        Whisk the three eggs into the mixture, set aside.

·        Pour the four cans of evaporated milk into a pot to heat under a low fire, but do not boil.

·        Once warm, add the custard mix into the pot and mix, do not boil.

·        Add sugar till the sweetness is as desired.

·        Pour the mixture into the pan to cool, and once cooled, put it into the freezer.

·        When ready to serve cut into blocks.

Curried Hassars

Ingredients

6 hassars
1 or 2 onions
1 oz curry powder (or massala)
4 - 6 wirri-wirri peppers
2 cloves garlic
2 tbsp cooking oil
Salt
Lime juice or vinegar
½ oz margarine
1 cup coconut milk

Preparation

·        Wash, clean and salt the hassars, and set aside for about one hour. Do not remove the shells. Afterwards, rinse and dry the hassars.

·        Prepare the curry sauce as follows: heat 2 teaspoons of oil, and cook the onion and garlic lightly (do not brown). Add curry powder blended with 3 - 4 tablespoons of water. Add 1 cup water or coconut milk and stir.

·        Put the hassars into the curry sauce.

·        Add the lime juice and leave to cook for 15 - 20 minutes until the sauce is thick, adding more water if necessary.

·        When finished, put the hassars onto a dish and pour the curry sauce over.

·        The shells may be removed before serving.

Note: Yams may be added to curry if desired.

Curried Fish  

Ingredients

1 lb fish, sliced and de-boned (any type)
1 tsp salt
½ tsp pepper
1 or 2 blades eschallot

1 small onion, chopped
2 tbsp oil or ghee
1 tbsp curry powder
1/3 pint coconut milk

Preparation

·        Season the fish with salt, pepper and eschallot and set aside for about 20 minutes.

·        Fry the fish on both sides until light brown in colour.

·        In a separate pan, heat the oil or ghee and fry the onion lightly for a few minutes.

·        Mix the curry powder to a paste with a little water and stir in.

·        Add the fish and cook for a few minutes.

·        Add the coconut milk and simmer gently for about 20 minutes. Do not allow the fish to break up.

·        Remove the fish and place on a hot dish. Pour the curry sauce all around. Decorate with lemon and sourie rings.

Curried Beef  

Ingredients

1 lb stewing beef
1 onion
2 cloves garlic
1 tbsp oil
1 oz curry powder
½ lb yams or eddoes
Stock
Pepper and salt

Preparation

·        Wipe the meat and cut into large pieces.

·        Chop up the onion and garlic. Separately, mix the curry powder into a paste using a little water.

·        Season the meat.

·        Fry the onion, garlic and curry lightly, then add meat and fry, stirring constantly.

·        Add the stock, and bring to a boil. Reduce the heat and simmer until the meat is tender, then add the yams and eddoes. Cook until vegetables are done.

·        Place the meat and vegetables in the centre of a serving dish, and pour curry gravy over. Serves 6.

Crab Meat Salad

Ingredients

¼ cup grapefruit juice
2 tbsp lemon juice
2 tbsp olive oil
1 tbsp mayonnaise
Salt and hot pepper to taste
8 oz crab meat, flaked
2 small avocados, cut in half
Lettuce leaves for serving
½ cup grapefruit slices

Preparation

·        Mix juices, oil, mayonnaise, and seasonings to taste.

·        Reserve 2 tablespoons of the above mixture and mix the rest with the crab meat.

·        Fill the cavities of the avocados with the salad and serve on a bed of lettuce garnished with grapefruit slices.

·        Drizzle with the remaining mixture.

Guyexpo 2010

         

As the Ministry of Tourism, Industry and Commerce continues to place emphasis on business promotion and competition, Guyana’s trade fair and exposition Guyexpo 2010 will be held at the Spohia Exhibition Centre from September 30-Oct 6.

 

                                                 

The event will facilitate local production entities with an opportunity to showcase their products, with a wide cross section of visitors. For more information you can contact the Ministry of Tourism (Guyana) on telephone numbers 592-2268695/ 592-2235296 or 592-2256710

                                       Social Media Business Summit

Are you a lover of the internet, or do you have dreams of managing a successful business online? Then come and join the social media business summit and learn expert strategies for growing your business online at the world’s Largest Social Media Business Conference.

                The three-day conference which will run from October 14-16 will be held at Mandalya Bay Convention Centre in Las Vegas.

                Topics such as initiatives to help companies accelerate their understanding of social media, events hosting, and social business strategy consulting services will be discussed.

GuyExpo provides attractive investment opportunities and business, consumer network base – Minister Prashad
…at opening of GuyExpo 2010

Guyana’s feasible investment climate and its advantages as host to the Caribbean’s premier trade fair and Exposition (GuyExpo) were highlighted by  Minister of Tourism Industry and Commerce Manniram Prashad at the opening of Guy Expo 2010 at the Sophia Exhibition Site Thursday evening.
Minister Prashad outlined some of the benefits that the event would bring in terms of attracting investments as it provides the base for businesses and consumers to network and negotiate.
Investment:
He said new and expanding investment is one of the main benefits since Guyana is an investor friendly country as Government continues to provide an enabling environment with policies and procedures to facilitate investors and to reduce and eliminate the factors that affect smooth business transaction.
Government has contributed to an investor friendly economy with stable macro-economic policies, increased investments in public services and an improved business and investment climate to enhance national competitiveness.
In this regard the National Competitiveness Strategy (NCS) was implemented to further improve the investment climate and support the expansion of non-traditional export sectors.
The Minister urged investors to take advantage of the “excellent incentive package” that is available to both local and foreign investors while challenging them to develop new products and services of high standards.
He also made reference to the Amaila Falls hydro project which will serve to boost the country’s manufacturing and production capacity through the provision of affordable, adequate, renewable and reliable energy.
He acknowledged President Bharrat Jagdeo’s leadership in climate change issues and his commitment to promoting a sustainable environment which won him the “Champion of the Earth” award and a signature investment in the Amaila Hydro project.
Manufacturing and Services Sector
The Minister noted the opportunities that exist within the manufacturing sector given the following factors:

• the Guyana brand name is a hallmark for quality and reliability
• entrepreneurs are willing to take risks and invest
• the presence of a skilled and innovative labour workforce and
• excellent location and abundant and fertile land.

He noted the interventions to forge a knowledge-driven environment through the upgrading of skills and intensifying innovative development in the manufacturing and services sectors through research and development, design, production, supply chain management, and strategic marketing.
He underscored Guyana’s commitment to maintaining the manufacturing sector as a key pillar of the economy and a significant contributor to the Gross Domestic Product (GDP).
Tourism
Diversifying the economy remains a priority for Government so that investors can be provided with expanded opportunities to explore new sources of income, employment and export growth, the Minister said.
He noted that significant growth was seen in the tourism sector which resulted from a market led approach which increased the number of  international companies’ selling ‘Destination Guyana’ to 100.
This, he said, also increased tourist arrival trends with a 9.3 percent increase in July and an 11.5 percent increase in August.
Minister Prashad welcomed exhibitors from Brazil, India, Mexico and Suriname who have come to GuyExpo to showcase their creativity, skills, entrepreneurship, products and services. He added that Guyanese products, arts, culinary delights, science and technology will also be showcased at the expo.
He commended the Private Sector Commission, the Guyana Manufacturing and Services Association, the Chambers of Commerce and entrepreneurs for their invaluable contribution to enhance, expand and improve the manufacturing, production and services capacity.
The theme for GuyExpo 2010 “Expanding investment in a sustainable environment” Minister Prashad said is “visionary, timely and relevant in attaining Guyana’s aspirations to move towards a low carbon economy.”
  

Relief channel is about investing in development of Guyana- Minister Persaud during EDWC commencement of work ceremony

In its continued effort to advance the agriculture sector, Government has embarked on several initiatives by taking a proactive approach in offering assistance to communities affected by uncontrollable natural phenomena such as flooding and El Nino.
            As major emphasis continues to be placed on the development of key drainage structures, residents and farmers of Mahaica and Mahaicony today witnessed the National Drainage and Irrigation Authority’s commencement of work for the East Demerara Water Conservancy (EDWC) Northern Relief channel at Hope/Dochfour, East Coast Demerara.


Attendees during the commencement of work ceremony for the EDWC northern relief channel at Hope/Dochfour

            In attendance were:- President Bharrat Jagdeo, Minister of Agriculture, Robert Persaud, Chief Executive Officer, NDIA, Lionel Wordsworth, CEMCO’s lead Consultant, Raymond Latchmansingh, representatives from the National Agricultural Research Institute, New Guyana Marketing Corporation, and technical officers from the Ministry.
            Minister Persaud while addressing the gathering said that the project was initiated in 2008, when the country had recorded a higher level of rainfall, and pointed out that due to infrastructural work and investment by Government a major disaster was prevented.
            Recognising the threat communities on the coast face, caused by the changing weather pattern, President Bharrat Jagdeo made a visionary announcement, hence the commencement of the project.
            As it relates to the technical aspect of the project, Minister Persaud said that although it was a long awaited project the Administration was not going to commence work with undue haste.
            “It is a project that we must carry out with some degree of urgency but we will not sacrifice technical work and studies, and the range of work that the experts would have to carry out on just getting this project done,” he said.
            After going through a series of tests and analysis, levels of consultation and interactions were conducted with stakeholders and farming communities so as to garner different perspectives so that the project would have endured engineering scrutiny.
            “We wanted to ensure that the process goes through the technical rigour so that at the end of the day, no one can say that we omitted some technical details. There may be matters of perspective but certainly the technical merits were clear. The critics out there cannot fault us for having a poor technical approach to this project,” he added.
            Government has over the years maintained it commitment by putting the interest and wellbeing of farmers first and according to Minister Persaud the project is about investing in the agriculture sector and the development and safety of people not only on the East Coast but also in the Capital.
            He is confident that once the project if executed successfully, it will bring tremendous benefit to farmers.
            “On the East Coast we are investing in drainage and irrigation for current productive land, we are bringing back lands that were abandoned and retired for different reasons but also we are looking at the beneficial use of land that is south of the Crown dam,” he said.
            The $56.4M project which is expected to conclude within 24 months will benefit thousands along the coast, while allowing the country to have better water management in dealing with the effects of climate change.
            Wordsworth while giving an overview and status of the project said that since the construction of the EDWC, the facility has suffered breaches in the past, pointing out that in 2005, ten percent of the north eastern section of the embankment suffered overtopping.
            However, Wordsworth indicated that there have been improvements with the re-opening of internal waterways within the conservancy along with the implementation of the Kofi sluice which is currently ongoing.


Minister of Agriculture, Robert Persaud addressees the gathering during the commencement of work ceremony for the EDWC northern relief channel at Hope/Dochfour

            “Over the years, we have explored various options of creating an additional outlet for the East Demerara Water Conservancy to manage accumulation especially along the east and north section of the conservancy catchments,” he said.
            According to the NDIA, CEO technical studies were done on additional outlets at Nabaclis, Hope/Dochfour and Belmont in the past and based on the studies a decision was taken to build the EDWC outlet.
             As part of the project, 14 long reach excavators were procured by Government to successfully carry out works.
            He added that the equipment coupled with the operational cost would save Government at least 60 percent of the cost that it would have spent if the Ministry had contracted the works.
            During the process of the design, a technical oversight committee was established by the NDIA, tasked with reviewing reports submitted by the consultant.
            Meanwhile, CEMCO’s lead consultant, Raymond Latchmansingh while delivering the project analysis, made reference to the challenges presented by the topography, logistics and access with regards to the completion of the structure.
            He pointed out that hydrological equipment had to also be imported but noted that with the substantial work that has to be done, the area has a 1000-year return period.
           

         

New EDWC channel necessary if country is to rise to challenges of climate change
-President Jagdeo tells gathering during EDWC commencement work

The Agriculture sector is a major contributor to the growth and development of Guyana’s economy and to ensure that the country’s landscape can withstand the effects of changing weather pattern, the Administration has been dedicating resources and implementing measures for adaptation.
            Today, President Bharrat Jagdeo witnessed the start of work on a new relief channel at Hope/Dochfour at the Wast Demerara Water Conservancy (EDWC) that is expected to significantly change the circumstances of people in East Coast Demerara communities who have suffered from flooding for decades.


President Bharrat Jagdeo addresses gathering at commencement of work on a new relief channel at Hope/Dochfour at the East Demerara Water Conservancy (EDWC) 

            “Today is a special day for me because it marks the beginning of the finding of a long term solution to people’s problem…what impressed me each time I visited affected persons in these communities were their resilience, and generosity in the face of these adversities,” he said.
             He noted that the initiative is not just a technical solution to a problem, but one which will significantly change the circumstances of people who have been affected, due to there being no alternative to releasing water into the Mahaica/Mahaicony/Abary areas.
            While expressing his satisfaction for the project, the Head of State said that persons can now look forward to a period of stability, and accumulation of wealth, as there will be no severe flooding after every rainy season and all will not be lost.


President Bharrat Jagdeo and Minister of Agriculture Robert Persaud unveil signboard at the site of the new relief channel at Hope/Dochfour

            Citing the need for more to be done, President Jagdeo said that the Administration would not be able to completely prevent flooding but to alleviate it. He was at the time referring to questions posed by sections of the media as it relates to the economic feasibility of the project.
            “They would say the Government shouldn’t be building this,  it’s too expensive but I say nothing is too expensive if it will change people’s lives particularly those who live in the MMA areas. No project can be too expensive. It might be difficult to finance but it can’t be too expensive,” he stressed.
            Recalling the hardship people in the community face, due to flooding, he said that the initiative from every perspective will be a feasible one; since it is one of the biggest funded projects directly from Government’s coffers.
            He pointed out that no loan or foreign grant will be taken to support the project but will be financed directly from the Administration’s budget, indicating that the reason this can be done, is due to the diligent management of the economy.
            “The reason we can do this is because we have changed our country in a way where today, the budget has the capacity to finance projects that are of importance to our people; whether in agriculture, education or health care,” he said.


An excavator digging the conservancy

            “There was, a time not too very long ago when the fiscal deficit was 25 percent of GDP and the banks’ payment deficit was 47 percent of GDP. Every four years we double our debt because we had to finance a fiscal deficit that was 25 percent of GDP,” he said.
             The Head of State while pledging his Government’s support, said that today the economy can now boast of a sustainable balance of payment position which is the lowest ever in history.
            The President emphasised the Government’s happiness at being able to finance the project, pointing out that it entailed hard work to arrive at the stage where funding projects could have been done.
            The technical work was also lauded by the President as being vital despite the delay. President Jagdeo recently met with the Japanese Ambassador and it is anticipated that additional assistance is expected.
            Apart from the present investment, approximately $1B has been invested by Government in strengthening drainage works in the MMA areas. This include;- the construction of larger canals, enhancing river defences and rehabilitation and construction of sluices to better manage the country’s water system.
            This, according to President Jagdeo, is critical as it is expected that Guyana will be a major agriculture provider and as such D&I is vital if the country is to succeed in this regard.
            While pointing to the inaction of the developed world as it relates to the lack of commitment to deep emission cuts, he said that the world is on a pathway to an even steeper rise in emission levels and as such, the project is necessary if the country is to rise to the challenges of climate change.