Diaspora to get special investment vehicle with guaranteed returns – Pres Ali
Guyanese living overseas will soon be able to invest directly in the country’s major industrial projects, with returns guaranteed by the government, President Dr Mohamed Irfaan Ali announced.
The head of state made the announcement while addressing a large gathering of Guyanese at a diaspora forum in New York on Thursday evening.
“We are going to launch very soon a special investment vehicle to mobilise resources in the diaspora,” the president told the gathering, stating, “So, that you too can invest in the fertiliser plant, the gas bottling plant, with guaranteed returns from the government.”
He framed the initiative as fulfilling an earlier commitment to the diaspora. He noted that a record number of overseas-based Guyanese are now applying for their Guyana pension and the cash grant.
One app for all government services
By the start of the new year, citizens at home and abroad will be able to conduct all their government business through a single mobile application. Each user will have a personal digital vault holding their information, allowing forms, such as immigration documents, to be filled automatically.
Before the end of this year, the government will also launch a national payment system allowing persons to make payments, complete bank transfers and settle accounts from their phones.
“We have to adopt the best technology today …We don’t have the time to work in a straight line,” the president underscored.
40,000 homes in four years
The government plans to build 40,000 homes over the next four years, and large companies from several continents have responded to a recent expression of interest to deliver them.
The government is also building social housing to help vulnerable families, including persons with disabilities and single parents, own their homes.
President Ali said the target goes beyond construction. “It’s not only building 40,000 homes. It is powering those homes,” he said.
Investor confidence
President Ali pointed to a US$127 million loan, approved by IDB Invest three weeks ago, for a Middle East investor to build a hotel and convention centre valued at more than US$200 million.
“They can take their money anywhere in the world,” he said of the investor’s decision to choose Guyana.
He outlined a slate of projects to be completed within the next four years, including a deep-water port, the road to Brazil, the second power plant, the Wales Development Zone, data centres, a new airport at Lethem, Terminal 2 at the Cheddi Jagan International Airport, and a new four-lane bridge across the Berbice River.
The president also highlighted delivery over the past five years, including 160,000 new jobs, more than 5,000 kilometres of new roads and more than 100 new schools.
Cabinet ministers were on hand after the address to receive proposals and concerns from members of the diaspora.
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