Guyana is set to begin repaying a massive US$527 million loan from the United States Export-Import (US EXIM) Bank starting May 1, 2031. This loan, approved on December 26, 2024, is aimed at supporting the controversial Gas-to-Energy (GTE) project, with the government committing to hisse a staggering US$316.2 million in interest over the 15-year repayment period. This brings the total repayment to an eye-watering US$843.2 million. Given the government’s history of poorly managed projects like the Skeldon Sugar Factory and the Amaila Falls hydroelectric venture, there are serious concerns that this deal could result in yet another costly failure for taxpayers.
In light of these concerns, more than a dozen Guyanese citizens, along with two prominent organisations—the Oil & Gas Governance Network (OGGN) and the Transparency Institute Guyana Inc. (TIGI)—have called on the US EXIM Bank to release vital documents related to the GTE project. The citizens are Dr. Vincent Adams, Andre Brandli, Vanda Radzik, Janette Bulkan, George Jaikaran, Karen de Souza, Fredrick Collins, Darshanand Khusial, Susan Collymore, Halima Khan, Joy Marcus, Wintress White, Elizabeth Deane-Hughes, Danuta Radzik and Alfred Bhulai.
These individuals and groups submitted a formal request on January 10, 2025, asking for details such as feasibility studies for the Wales location, gas utilization plans, and any environmental assessments conducted for the project. The request was made under the Freedom of Information Act (FOIA), but so far, they have only received a reference number, and the bank has yet to respond to their demand for greater transparency.
Despite the public’s growing unease, the government continues to withhold critical information. Vice President Bharrat Jagdeo has claimed that the US EXIM Bank carried out its own environmental and feasibility studies before approving the loan.
However, when asked to release these documents, Jagdeo directed citizens to seek them directly from the bank rather than making them publicly available. This refusal to provide transparency has raised alarm among civil society, which argues that the public has a right to know about the environmental and financial implications of a project that will burden taxpayers for decades.
The total repayment amount of US$843 million is a source of major concern. Given the government’s track record of failed projects, many fear that the GTE project could follow the same path as previously expensive failures that drained public resources. The PPP government’s tendency to sign off on ill-conceived, poorly planned projects raises serious questions about its ability to manage large-scale investments effectively.
The secrecy surrounding the GTE project only deepens the public’s distrust. Citizens and opposition members have repeatedly called for more accountability and oversight, but the PPP government has largely ignored these calls, preferring to make major decisions in the shadows. By withholding crucial information, the government is denying the public the opportunity to assess the full scope and risks of the project.
With Guyana’s mounting debt and government’s secrecy the growing coalition of concerned citizens and organisations is demanding a full, independent review of the GTE project, its financing, and its potential impact on the country’s economy. They are calling for immediate transparency from both the Guyanese government and the US EXIM Bank, emphasising that taxpayers have a right to know how their money is being spent, especially on a project of this magnitude.