India to provide 60 million dollar LoC to Guyana for road infrastructure projects

Prime Minister Narendra Modi agreed to provide 60 million dollars Line of Credit to Guyana for its road infrastructure projects and passenger ferry service.

Created On: Jan 9, 2015 14:14 IST

Union Government will provide 60 million US dollars Line of Credit (LoC) to Guyana for its road infrastructure projects and passenger ferry service. The LoC will help the country in tackling its transport problem.

The decision of granting the LoC was made by Prime Minister Narendra Modi during the bilateral talks with Guyana President Donald R. Ramotar on the sidelines of the 13th Pravasi Bhartiya Divas in Gandhinagar, Gujarat on 8 January 2015. Guyana President is the chief guest of Pravasi Bhartiya Divas.


India-Guyana relation
India and Guyana, once a part of the British Empire share historical relations as more than 3 lakh Guyanese citizens are of Indian descent. The Indo-Guyanese make up the largest ethnic group in Guyana.

In terms of economic cooperation, India has offered credit facilities to Guyana for use in mutually accepted designated fields, agriculture and information technology, being two of these. Guyanese people are also offered scholarships for educational purposes from India, like forty scholarships through Indian Technical & Economic Cooperation (ITEC).

The two nations also share some cultural connection. India in 1972 established the Indian Cultural Centre in Georgetown with the objective of strengthening cultural relations and mutual understanding between India and Guyana and their peoples.

The two nations share a cordial relation since independence of Guyana in May 1966. Late Prime Minister of India Indira Gandhi visited Guyana in 1968, which was followed by visits of late Vice President of India Dr. Shankar Dayal Sharma in 1988 and late Vice President of India Bhairon Singh Shekhawat in 2006.

 

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