Belize Bank wants foothold in Guyana

With Guyana taking off as a commodities-rich economy, Belize Bank Limited is looking to set up operations in the CARICOM country.

Guyana is cited as becoming the fastest growing economy in the Caribbean, rich in oil, gold and timber.

Georgetown, Guyana (Photo: agho.com)

Many of the world’s leading oil companies are keen to set up exploration and production facilities in Guyana.

This has piqued Executive Chairman of Belize Bank Limited, Lyndon Guiseppi’s interest as the bank looks to make a big return on this growing investment province.

” Guyana is the fastest growing economy in the world with a projected growth rate of 16.3 per cent during the period 2018-2021.”

Qatar’s state-owned oil company Qatar Petroleum has acquired a stake in Total’s two oil and gas blocks offshore Guyana.

“ We are pleased to expand our global exploration footprint into Guyana together with our valuable long-term partner, Total, in these offshore blocks in this prospective basin.

“ We hope that the exploration efforts are successful. I would like to take this opportunity to thank our partners and the Government of Guyana for their collaboration in this effort, and we look forward to working together in these blocks,” said Qatar’s Minister of State for Energy Affairs who is also Qatar Petroleum’s President and CEO.

Guyana’s growth is spurred by oil, gold and timber resources. (Photo: Stabroeknews.com)

The NASDAQ has declared Guyana as the fastest growing economy in the world with a projected growth rate of 16.3 per cent during the period 2018-2021. With a GDP of US$3.63 billion, a growth rate of 4.1 per cent in 2018 and 4.6 per cent in 2019, Guyana’s economy is expected to grow by 33.5 per cent and 22.9 per cent in 2020 and 2021 respectively.

“ We in Guyana are seeing the surge of a rising tide that will deliver transformative economic change. The world class discoveries of petroleum made in the maritime space will unleash unprecedented business opportunities. Petroleum revenues will catalyse economic growth, increase employment, propel innovation, intensify technology transfer and improve workforce productivity.

“Guyana will soon become the Caribbean’s foremost investment destination. The private sector should aim at building capacity and establishing strategic partnerships to be able to exploit the opportunities which will flow from the petroleum sector.

“ Experience has forewarned us of the dangers of dependence on one sector or commodity. Petroleum revenues will be deployed prudently to ensure sustainable and inclusive development under the Green State Development Strategy – the pathway to the economic transformation of Guyana into a “green state,” said Guyana’s President, David Granger.