Guyana lost over US$25M from Norway deal...

Guyana lost over US$25M from Norway deal…

Jul 21, 2016 News

– Government in discussions to make amendments to the Agreement
Guyana has lost more than US$25M under its Forest Protection Agreement with Kingdom of Norway. This was an agreement signed in 2009.
This was revealed by the Head of the Project Management Unit of the Office of Climate Change (OCC), Marlon Bristol, as he accompanied the Minster of State, Joseph Harmon, to the Parliamentary Sectoral Committee on Natural Resources yesterday.
Bristol was responding to queries by the Chairman of the Committee and Member of Parliament, Odinga Lumumba, about the state of the Guyana+REDDS Investment Fund (GRIF).
Bristol sated that currently there is at least US$30M with the Trustee – the World Bank, and they also have outstanding, US$40M from the fifth payment which the Norwegians have not transferred as yet.
Additionally, there is US$80M with the Inter Development bank (IDB) which did not pass through the GRIF but went straight to the IDB for the Amaila Falls Project, Bristol said.
“We have US$40M to US$41M existing currently in the projects which have been implemented. We have the sixth payment to negotiate with the Norwegians and we have lost just over $25M from that Norway agreement because we had some penalties I think, on the second or third payment some years ago,”
Bristol added that Guyana almost lost at least a further US$10M due to exchange rates fluctuations over the five years because the agreement was signed in Norwegian Crone “even though we quoted it in US dollars.”
In terms of where the money is going to be spent, Bristol outlined some of the projects that the Government is working which include: the sustainable land development and management project; the Information and Communications Technology (ICT) Project; the institutional strengthening; a project with the Hydrometerlogical Office to increase the prediction of the weather; and a Tourism Project.
Meanwhile, in responding to queries by Lumumba on whether any changes have been made to the Norway agreement, Minister Harmon, told the Committee that the Government is seeking to make some amendments to the agreement.
Harmon said yesterday that when A Partnership for National Unity + Alliance for Change (APNU+AFC) went in to office in May 2015, the coalition immediately made contact with the Minister of Environment in Norway and a commitment was made to the Norway fund and the agreement between the Kingdom of Norway and the Cooperative Republic of Government of Guyana.
“We did say that we are interested in continuing with this agreement, and I believe that at the United Nations in the margins of the Paris Agreement, our President met with the delegates of the Kingdom of Norway and gave them that clear undertaking that we were prepared to deal with this agreement. He made it clear also, that we will like to look at it to make some amendments to it. “Harmon said.
He added that all of the exchanges since then, between the Kingdom of Norway and the Cooperative Republic of Guyana, are being done at the level of the Minister of Finance, Winston Jordan; Minister of Natural Resources and the Environment, Raphael Trotman and himself.
Harmon was asked by the Chairman of the Committee and Member of Parliament, Odinga Lumumba, if he had informed the public about this development and at what stage was he going to bring the matter to the Committee. The Minister responded that the exchanges are currently ongoing.
Harmon was later asked if the Government had made any moves to facilitate consultations with stakeholders. Harmon responded that there were some consultations already and the Government will be moving along this direction since it recognises the involvement of all stakeholders.
It will be reaching out to these persons and entities as long as it has to do with national patrimony.

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