European Union releases 7.9 Million Euro to Guyana under Budget Support Programme

11.12.2020
Brussels

On 10, December, 2020, EU Ambassador to Guyana Fernando Ponz Canto, announced that the European Union has decided to disburse 7.9 Million Euro as Budget Support to the Government of Guyana, subject to all usual final checks. On this occasion H.E. President Irfaan Ali expressed his gratitude to EU for its collaboration and commitment. EU Ambassador Ponz Canto noted that this sizeable disbursement illustrates the firm EU commitment towards Guyana’s inclusive and sustainable development, and stressed the importance of this contribution to support prosperity for all Guyanese.

The European Union is the most important grant donor in Guyana and together both sides have arrived at a consolidated, privileged partnership for development cooperation in the form of Budget Support.

Budget Support is a proof of trust and of a true partnership as the funds are channelled through the national treasury and implemented by the Government of Guyana, under agreed indicators. The EU and the Government of Guyana have reached a milestone in the implementation of the current budget support through the payment of 7,9 Million Euro announced. This should provide a major contribution to the inclusive and sustainable development of the Country, and substantial fiscal space for the Country finances, in the context of an unprecedented COVID 19 crisis.

The overall amount of the EU budget support for the Integrated Coastal management (2017-2021) is Euro 30 million. This latest payment brings the total grant funds released since 2017 to approximately Euro 20 million. This payment is as per usual practice subject to all necessary financial and technical requirements. 

On this occasion Ambassador Ponz Canto indicated that “the EU stands firmly by the side of Guyana, even  more in times of crisis. We trust that this contribution will help the Country to develop its huge potential, bringing sustainable and inclusive development for the benefit of all Guyanese”.