World Bank Experts to Help Guyana in the Development of its Oil and Gas Industry

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GEORGETOWN – Two experts from the World Bank are due in Guyana this month to assist in the development of its oil and gas industry.

State Minister Joseph Harmon said that the experts are coming here as part of a US$20 million grant to the country from the Washington-based financial institution.

He said that the experts would be meeting with both government and opposition legislators on May 21 at a high-level workshop on the Sovereign Wealth Fund (SWF).

Harmon said that the workshop would focus on fiscal arrangements, rules and best practices of SWFs and will be the first in a series of workshops catered for under the grant.

A government statement said that work on Guyana’s SWF legislation, which is compliant with the Santiago Principles and international best practices, has been ongoing since 2016.

“The government is on track to have the Sovereign Wealth Fund in place before oil production starts in 2020,” the statement noted. – CMC

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