GEORGETOWN , Guyana, CMC — United States Assistant Secretary of State for Western Hemisphere Brian Nichols has confirmed that Guyana has received initial approval for a US$500-m loan from the US Export-Import Bank for its Gas-to-Energy project.

Guyana had approached the bank seeking US$646m to assist with the construction of the project.

Speaking during a media briefing on Monday, Nichols said that in addition to the loan, the US sees Guyana as a strategic partner and has been forging increased partnerships in a number of areas.

“The strategic elevation of our relationship with Guyana, the fastest-growing economy in the world, provides further proof that these partnerships produce results. Our interagency partners at US Southern Command strengthened bilateral defense cooperation through medical missions, flood relief operations, joint training exercises, and military equipment transfers. We also partnered with US companies, which invested more than $15 billion in Guyana between 2021 and 2024. In November, the US Export-Import Bank gave initial approval for a $500-million loan guarantee to support a $2-billion US-built gas to energy project that represents the largest foreign investment in Guyana’s history,” Nichols said.

While awaiting approval of the loan, the Guyana Government said it has doled out some US$400 million in lieu of that approval, and Vice-President Bharrat Jagdeo said that Government was prepared to continue funding the project if the loan was not approved.

The Government has been pressing for the major gas-to-energy project to move forward, since it believes it could lead to better and cheaper energy being provided.