The World Bank’s Board of Executive Directors approved a US$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.
Guyana is now among the 25 largest oil reserve-holders in the world after a series of discoveries starting in 2015.
The Annual GDP growth is projected to rise from 4.6 percent in 2019 to 34 percent in 2020.
The Guyana Petroleum Resources Governance and Management Project will provide technical assistance to the Government of Guyana in updating existing laws and regulations and introduce strong checks and balances to mitigate environmental and social impacts.
The project will also build the capacity of key institutions including the Department of Energy, the Environmental Protection Agency and the Ministry of Finance for prudent management of the oil revenues.
