Jaishankar signs three pacts with Guyana, extends USD 500M credit

"Transformed level and intensity of our engagement": Jaishankar details USD 500M Line of Credit and new pacts with Guyana

St John's, November 5

Speaking following bilateral discussions with Guyanese President Irfaan Ali, Jaishankar underscored that the financial package will cover critical projects across roads, healthcare, and defence sectors.

"I am very pleased to share that, following discussions between our two governments, India has decided to extend a Line of Credit of US$500 million to Guyana," Jaishankar said in a video shared on X. "This will cover projects in the sectors of roads, health and defence. We look forward to developing projects under this Line of Credit."

Jaishankar noted that the two leaders also signed three agreements, starting with India's UPI digital payment mechanism, another concerning Quick Impact Projects and a third relating to small and medium enterprises.

The EAM emphasised that these initiatives directly fulfil commitments made by Prime Minister Narendra Modi during his visit to Guyana for the CARICOM-India Summit.

"It is a great honour for me to sign three agreements today with President Irfaan Ali," Jaishankar stated, outlining the newly signed pacts. "The first is on UPI, our digital payment mechanism. The second concerns Quick Impact Projects, which focus on community-relevant development initiatives. The third relates to small and medium enterprises, aimed at strengthening their capacity to further promote local employment."

"These initiatives are a fulfilment of the commitments made by Prime Minister Modi during his visit to Guyana, when he participated in the CARICOM-India Summit," he added.

Reflecting on the impact of ongoing high-level engagement, Jaishankar added: "I believe that the meeting and his discussions with you have significantly transformed the level and intensity of our engagement, not just with Guyana but with the entire region."

Welcoming the announcement and the signing of the pacts, President Irfaan Ali expressed gratitude to Prime Minister Modi and the Government of India for the strong bilateral relationship being built.

He noted that since PM Modi's visit to the region, "we have seen real and tangible move by the Prime Minister to provide opportunities to the region, including human capital development, infrastructure development, transfer of technology, health services and environmental services."

President Ali expressed strong support for the new investment phase, stating, "Today, I am very pleased that we can sign these three important agreements and also conclude our discussions on the next phase of investment by India into Guyana. The 500 million dollars line of credit will cover transformative infrastructure, including roads, which would lead to the opening up of thousands of new homes and house lots, main highways, defence, which is important for defence and security, and, of course, health."

President Ali also highlighted cooperation in public health, adding, "We are very pleased also that we can embrace Prime Minister Modi's health initiative in terms of bringing affordable medication, the transfer of technology and also the integration of our healthcare services."

Reaffirming Guyana's appreciation for the partnership, President Ali concluded, "I want you to convey our gratitude also to Prime Minister Modi and the Government of India for the strong bilateral relationship that we are building. We are looking forward to expanding this relationship in real terms for the benefit of both our people."

Sharing the video, Jaishankar announced an extension of a USD 500 million Line of Credit for roads, health & defence projects after he met Guyana President Irfaan Ali and reviewed the bilateral cooperation between the two nations.

He wrote, "Delighted to meet with President Dr Irfaan Ali of Guyana. @presidentaligy reviewed the steady progress in our bilateral cooperation, especially after PM @narendramodi's visit in 2024. Announced extention of USD 500 mn Line of Credit for roads, health & defence projects."

He added that the two leaders signed agreements for supply & installation of MSEs manufacturing projects, grant assistance for the implementation of Quick Impact Projects.

Highlighting the bilateral engagement and key agreements between India and Guyana during Jaishankar's visit, the Ministry of External Affairs stated that the two leaders reviewed the "entire gamut of India-Guyana bilateral relations" and explored practical ways to strengthen cooperation across areas of mutual interest, including trade and investment, energy, agriculture, infrastructure development, digital technology, and capacity building.

During the bilateral engagement, three key agreements were formally signed between the two nations.

The first pact focuses on the supply and installation of Micro and Small Enterprises (MSEs) manufacturing projects, while the second covers grant assistance for the implementation of Quick Impact Projects (QIPs). The third agreement establishes cooperation in the field of Digital Public Infrastructure (DPI) and the operationalisation of a Unified Payments Interface (UPI)-like system in Guyana, the MEA highlighted.

Highlighting the significance of the financial support, the MEA noted that India has already completed several development projects in Guyana, and the new US$500 million Line of Credit will "further strengthen the development partnership between the two countries".

The ministry emphasised that India and Guyana maintain longstanding, close relations rooted in "historical, cultural and people-to-people ties". As fellow Global South partners and Commonwealth members, both countries continue to collaborate to "strengthen their multifaceted cooperation and advance shared priorities for development and prosperity".

Prime Minister Narendra Modi visited Guyana in November 2024, during which the two countries fostered ties for Digital Public Infrastructure and created a supportive ecosystem for farmers, particularly smallholders.

— ANI