Guyana gets IDB funding for road works
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| Published on Thursday, October 29, 2009 | Email To Friend Print Version
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GEORGETOWN, Guyana -- The Inter- American Development Bank (IDB) has approved a US$24.8 million credit line to fund major road rehabilitation works in Guyana.
The bank, on Wednesday, announced that the funds will support a government programme to cut travel time and costs and boost safety and accessibility in and around the Georgetown metropolitan area.
“The IDB funds will support the government's Road Improvement and Rehabilitation Programme, which focuses on rehabilitating 30 kilometers of roads, enhancing mobility within the Georgetown metropolitan area and making nearby communities more accessible to markets and services in suburban and rural districts” a release from the bank said.
It added that these improved carriageways will reduce road accidents, travel time, and operation costs by an average 20 percent in the area covered by the program.
“Specifically, the programme seeks to improve the East and West Canje Roads and the urban arterial network in Georgetown, the access road to the Cheddi Jagan International Airport from the East Bank Road (EBR), and localized interventions on the EBR between the new Cricket Stadium and residential areas of the Diamond and Grove villages south of the capital.”
It will also rehabilitate and repave the 7-kilometer long Sheriff Street–Mandela Road roadway in Georgetown. The 3.5-kilometer long airport access road will also be repaved and roadside amenities will be added at key locations to enhance safety.
The credit line consists of a $12.4 million loan from the IDB's ordinary capital for a 30-year term, including a 5-1/2-year grace period, at a LIBOR-based variable interest rate, and a $12.4 million credit from the IDB's concessional Fund for Special Operations for a 40-year term with 40 years of grace at 0.25% interest. | | | | Reads : 393 | | | |
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