World Bank backs Guyana’s oil and gas policy framework with $20 million credit

The World Bank’s board of executive directors has approved a $20 million credit from the International Development Association (IDA) to strengthen institutions, laws, and regulations to promote good governance and a prudent management of Guyana’s oil and gas sector.

Announcing the credit last week, the World Bank noted Guyana’s position among the 25 largest oil reserve-holders in the world after a series of discoveries starting in 2015. Annual GDP growth is projected to rise from 4.6 percent in 2019 to 34 percent in 2020, according to the international financial institution.

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