India offers Guyana $500 million credit line, signs deal to help build a UPI-like payments system
New Delhi/IBNS: India will extend a new $500 million line of credit to Guyana, External Affairs Minister S. Jaishankar announced on Wednesday after meeting Guyanese President Irfaan Ali at the Commonwealth summit in Antigua and Barbuda.
The two sides also signed three agreements, including one on digital public infrastructure and a payments system in Guyana similar to India’s UPI, according to the Ministry of External Affairs.
What the credit line will fund
Jaishankar said on X that the credit line is meant for road, health and defence projects.
The ministry’s statement described it more broadly, saying it would support Guyana’s development priorities and infrastructure projects.
It said India has already completed several development projects in Guyana.
The three agreements
The agreements cover manufacturing projects for micro and small enterprises, grant assistance for quick impact projects, and cooperation on digital public infrastructure.
The first agreement covers the supply and installation of manufacturing projects for micro and small enterprises (MSEs).
The second provides grant assistance for the implementation of Quick Impact Projects.
The third covers digital public infrastructure and the functioning of a Unified Payments Interface (UPI)-like system in Guyana.
Talks on wider ties
The two leaders reviewed bilateral relations and ways to deepen cooperation in trade and investment, energy, agriculture, infrastructure, digital technology and capacity building, the ministry said.
Jaishankar said on X that he reviewed “steady progress” in cooperation, especially after Prime Minister Narendra Modi’s visit to Guyana in 2024.
The ministry said India and Guyana share longstanding ties rooted in history, culture and people-to-people links.
It described both countries as Global South partners and members of the Commonwealth.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
