GEORGETOWN, Guyana (CMC) – The United States Export-Import (EXIM) Bank on Thursday announced that it has granted approval for Guyana’s Gas-to-Energy (GtE) Project valued at over US$526 million.

This was disclosed by the President and Chair of the US EXIM Reta Jo Lewis in a phone call to Guyanese President Irfaan Ali.

The bank made the decision during a meeting held early Thursday, having completed the 35-day congressional notice period.

The GtE Project is slated to deliver 300 megawatts of power to the grid when completed, expanding the supply of electricity, cutting the carbon footprint per kilowatt hour, and reducing energy costs to consumers by 50 per cent.

Ali thanked Lewis and her team for the approval granted and for the confidence shown in the project and in Guyana.

Ali also commended the Guyana team at the Office of the President, Ministry of Finance, Ministry of Natural Resources, and the Guyana Embassy in Washington DC, whose work helped secure the outcome.