B?y? ?t?h?e? ?P?R?S?L? ?t?e?a?m? ?f?o?r? ?G?u?y?a?n?a? ?
Guyana’s development and economic growth have been underpinned by the?development?of the oil and gas sector, and spin-off?developments have continued without hesitation for July. The country has seen growth and investments in various sectors fuelling its projected growth well beyond figures recently published. ?A few of these developments are shared below highlighting the pace of growth in Guyana’s economy.
- ?On July 11th the Ashmins Group of Companies officially launched their $2.5 Billion project at the Marriott Hotel. This saw land preparation for the construction of the approximate 300 private waterfront residences at Madewini on the Soesdyke/Linden Highway which is expected to be completed in two years.
- Construction of a hotel is included in these plans, in addition to approvals for the construction of seven more hotels, most of which are international brands. The Hyatt is developing a Hyatt Place Hotel to be located in Providence, in the vicinity of the Guyana National Stadium and the Amazonia Mall.
- Guyana’s Vice President Dr. Bharrat Jagdeo made an announcement on 11th July at the National Toshaos conference that US$100 million of revenues from the sale of Guyana’s crude will be used to build diagnostic centres for the four hinterland regions.
- The Georgetown Chamber of Commerce and Industry (GCCI) Team met with the Minister of Attorney General and Minister of Legal Affairs to highlight concerns and solicit updates on pressing matters such as local content, Caribbean Single market (CSME), progress in the oil and gas sector and insurance industry? Additionally, the revamping of the local commercial sector which will be done through the updating and drafting of new legislation
- The World Bank’s economic growth projection Guyana marks it as the only country within the Latin America and the Caribbean (LAC) region registering a projected growth of 25% for 2023. However, coming out of the Guyana-Saudia Arabia investment engagement held on Saturday 9th July it was revealed that the projected growth for Guyana is now 57.8% which will outperform both regional and global averages.
As we move onto the back end of July, this progress continues, and we will keep you updated on all these developments. Please like and follow our page for our fortnightly article keeping you abreast of all recent developments within Guyana.
