Guyana explores guarantees, private sector tools from World Bank

Guyana is reexamining its partnership with the World Bank to access new resources as its rapidly expanding oil sector drives economic growth, Senior Minister with Responsibility for Finance Dr Ashni Singh said.

Singh noted that Guyana’s eligibility for concessional funding under the World Bank’s International Development Association (IDA) is declining as rising income per capita reduces access for low-income countries. “As our economy changes through this rapid transformation, the relationship with the bank must change and is changing,” he said.

The government is now exploring other World Bank products, including guarantees and private sector instruments offered by subsidiaries such as the Multilateral Investment Guarantee Agency and the International Finance Corporation.

Singh said the bank’s private sector arm has already increased support to Guyana, and the government will continue to seek further interventions to match the pace of private sector growth.

Guyana has previously benefited from multiple rounds of IDA resources, which helped fund key social services, including health, education, and transportation.