Mr. Kester Hutson in his capacity as the president of the Georgetown Chambers of Commerce and Industry last week vouched for Guyana’s Gas to energy in a letter addressed to the President of the United States Export and Import (EXIM) Bank. This highly scrutinized project is heavily dependent on the unapproved US$646 million loan from the US EXIM Bank.
The GCCI stated that the gas to energy project has enormous potential to provide energy security, stimulate economic growth, and advance sustainable development in the Western Hemisphere. According to the GCCI the “project is anticipated to reduce electricity cost by approximately 50%”.
The GCCI advised the bank’s president to ignore the critics of the project and the organizations that are demanding that the loan be withheld.
In his press conference last Thursday, Vice President Bharrat Jagdeo denied claims that the GCCI was lobbying EXIM Bank on behalf of the Government but rather stated that the GCCI had a “vested interest” in the EXIM Loan and that they were not forced to advocate for it since it benefits the organization.