US EXIM Bank approved loan for Guyana's gas-to-energy project
The bank's board first voted in November 2024 so Congress could be told, and Stabroek News reported that it gave final approval on 26 December 2024.
The US Export Import (EXIM) Bank approved a loan that the government had applied for to back the project. The approval was announced in November 2024.
Kaieteur News repeated the point in a report published on 18 October 2026. The vote itself came earlier, and Demerara Waves covered it on 29 November 2024. It reported that the EXIM board approved the deal so that Congress could be notified.
Demerara Waves also reported that this vote was only a first step. A 35-day period for notifying Congress had to pass before the board made a final decision. The government had also cut the loan to about US$509 million, down from the US$660 million it first applied for.
Stabroek News reported that the EXIM board gave final approval on 26 December 2024. The loan was for more than US$526 million, and it came after the congressional notice period ended. The money went to Guyana's Ministry of Finance for the gas-to-energy project.
The government has set out what it wants from the project, according to Stabroek News. It says the project is meant to feed 300MW into the grid once it is finished. It also says the project will cut electricity costs for consumers by 50 percent.
The story was first reported by Kaieteur News.