President Dr Irfaan Ali has announced that Government will soon introduce a diaspora bond aimed at allowing overseas-based Guyanese to invest directly in major public infrastructure projects across the country.
Speaking on Tuesday evening, the Head of State said the initiative is intended to tap into the financial strength of the Guyanese diaspora while giving them a greater role in the country’s ongoing transformation.
“I want to announce that the Government of Guyana will launch a special bond, a diaspora bond, to raise funds from the diaspora for investment in public infrastructure projects in Guyana. So, within one week, we’ll be launching the diaspora bond,” President Ali stated.
He added: “So, members of the diaspora, here is your opportunity to make your contribution and to be part of the massive transformation taking place in our country.”
The announcement follows recent remarks by the President during an armchair discussion at the Baker Institute for Public Policy at Rice University in Houston, Texas, where he spoke about creating more investment opportunities for overseas Guyanese.
“Our diaspora is in a special and unique position… But now I think [we have to look at] how do we unlock their financing? How do we create opportunities for their investments,” Ali said.
The Government has already started pursuing diaspora and local investment for several large-scale energy projects tied to the Gas-to-Energy Phase Two development at Wales, West Bank Demerara.
Earlier this month, preliminary Expressions of Interest (EoIs) were invited for the proposed US$300 million Guyana Ammonia and Urea Plant Inc. (GAUP) and the US$40 million Guyana Gas Bottling and Logistics Company Inc. (GGBLC).
Government had indicated that preference would be given to Guyanese investors, including members of the diaspora, in keeping with efforts to ensure citizens benefit directly from major national projects.
For the fertiliser plant, individual investments are capped at US$5 million, while investments in the gas bottling project are capped at US$1 million. Investors were also told they could expect a Government-backed annual return of 10 per cent.
Meanwhile, President Ali has also been encouraging diaspora investment in Silica City, the planned smart and sustainable city along the Soesdyke-Linden Highway.
During an engagement with Guyanese in Brampton, Ontario, Canada, the President said a significant portion of the city’s development is intended to cater to overseas Guyanese looking to own property or invest in the country.
“And we want at least 25 per cent of this city to be dedicated to meeting the needs of the diaspora,” he said.
Located near the Cheddi Jagan International Airport, Silica City is expected to feature housing developments, healthcare facilities, sports tourism infrastructure and other modern amenities.
The Government has already earmarked some 3,800 acres of land for the project, with approximately 15,000 houses planned over the next two decades. Construction is already underway on the first set of Young Professional homes under Phase One of the development.
