11 questions with ‘Top Prize’ deejay Alkaline Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

Perhaps you’ve seen the impressionable video clip of a young, ambitious Earlon Bartley, a contestant on a previous episode of Junior School’s Challenge Quiz.

The one-minute video posted on social media – shows the Mico Practising Primary & Junior High School student speaking of his future plans – which left some fans surprised.

Other social media users were left asking questions as they would, later on, come to witness the entertainer growing up to lay down a new set of rules in the music industry.

One such feat involves the release of his latest album Top Prize. Just before the release, the Ocean Wave singer answered a few questions about the album.

Now, with the interwebs’ current fascination with the artiste, the timing is perfect to share another set of responses – directly related to Top Prize.

Loop Lifestyle (LL): Why was the album coined Top Prize?

Earlon ‘Alkaline’ Bartley (EB): It’s like when you win a competition you get a prize; the top prize. [I’m] basically showcasing victory against all odds… so, we just focusing on the top prize ‘cuz we nah stop rise.

LL:What are some of the topics/interests explored on the album?

EB: Everything from mediation while bunnin’ a spiff to easy tracks. From crazy vibes to conscious songs, and, of course, chune for the girls ‘dem to dance, get rich and make money; it’s a variety of songs.

LL:Are there any tracks that you connect with more emotionally?

EB: All of them, they’re [all] special to me.

LL:What does Top Prize represent/mean to you?

EB: Achievement and being grateful for the opportunities given and lessons learnt along the way. It’s like the ultimate prize cuz experience teaches wisdom.

LL:What did you enjoy the most?

EB: Recording the entire process and revisiting it.

LL:Which track from the album do you play more?

EB: Everything.

LL:Describe your creative process for the album?

EB: Me get inna me zone and turn up the riddim and connect with the beat and talk my mind.

LL:How would you describe the sound of the new album?

EB: Soul jam.

LL: Are you happy with the final product?

EB: Yeah man and once the fans ‘dem happy… [laughs], me did wah put more chune but manager say next album.

LL: What can Alkaline fans present, and future expect from this new album?

EB: Song ‘dem bad as usual and me fans ‘dem will like it.

LL: How have you evolved since the release of your previous works?

EB: It’s the same me just more mature like anybody else.

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Guyana-EU forest partnership will be worth €21M over next 7 years – outgoing EU Ambassador

Black Immigrant Daily News

The content originally appeared on: INews Guyana

By Jarryl Bryan

European Union (EU) Ambassador to Guyana Fernando Ponz Canto will be leaving Guyana this month end, after an almost three-year stint. And according to him, during his time here he has seen Guyana’s economy taking off and setting up the country for a bright economic future.

During an exclusive interview with this publication, the diplomat reflected on his time in Guyana and the progress the country has made. He noted that while in Guyana, he was able to witness the economy taking off.

Outgoing EU Ambassador to Guyana Fernando Ponz Canto

Ponz Canto, who will be heading to EU headquarters in Brussels, the capital of Belgium, after he departs Guyana, was accredited in Georgetown in September of 2019. Oil production started in December 2019, three months later.

“You just heard it, one of the speakers gave some very interesting figures. Trade between Europe and Guyana has doubled, tripled. And many other things have increased a lot. I always say these days that I’m happy and sad.”

“I’m happy because I leave the country at a moment where I think it is taking off. And there is a bright future happening now. Many people still have to be part of it. But I’m happy for that. I’m also sad because I love this country. And part of me would like to stay behind, of course,” he said.

Ponz Canto also spoke about the role he played as the EU Ambassador during the 2020 General and Regional Elections, when democracy was under threat for five months as the election results were being determined. It is a role he played as one of the ABCE diplomats.

Ambassador Ponz Canto was among the group of ABCE Diplomats who walked out of the Ashmins Building after finding that the Region Four tabulation process was not transparent  (Don Singh Photo)

“I’m very happy about the little contribution that we could make during the political crisis in 2020. I think of course, the Guyanese, you and all the Guyanese, really making it happen. The final democratic solution that was reached.”

“But if we could contribute a little bit, I am proud of that. And I’m also proud of my team, who have been supporting me a lot, all the time. And perhaps, I’m also proud and happy and grateful that I was welcomed by the people of Guyana,” Ponz Canto said.

Forests & mangroves

According to the diplomat, even with his exit, the EU will continue its assistance to Guyana on projects that include its climate change mitigation efforts. He expressed happiness in the projects that would be turned over to his successor, particularly a forest partnership with Guyana worth €21 million designed to protect the forests.

“In the past, we have been very focused on the seawall. We have helped, I think, a lot to maintain the seawall defences. But in future, I think we’re going to continue to work on mangroves. We have just approved a €5 million allocation for doing so. And this is part of the sea defence.”

“But it is also part of the other thing that we want to do. Which is to protect the forest. We will have what we call a forest partnership, in the next few years, the next seven years. And the total amount we are dedicating to that partnership is €21 million.”

In March of this year, Guyana and the EU agreed on a detailed roadmap for implementing the Guyana-EU Forest Law Enforcement, Governance and Trade (FLEGT) Voluntary Partnership Agreement (VPA), which aims to improve forest governance and verify the trade in legal timber.

An aide-mémoire was signed by the Minister of Natural Resources, Vickram Bharrat, and Ponz Cantó, at the Pegasus Hotel after a meeting with various stakeholders. At the time, Bharrat had said that the agreement in no way means that the country is “cutting down” on forest activities, but rather is ensuring that it is done in a sustainable, legal manner.

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G/T Mayor says parking lots, not parking meters needed to alleviate city’s traffic woes

Black Immigrant Daily News

The content originally appeared on: INews Guyana
Georgetown Mayor Ubraj Narine

Contending that parking meters will not the solve city’s woes in relation to adequate space, Mayor Ubraj Narine has suggested the creation of parking lots instead.

Speaking at a press conference on Friday, the Georgetown Mayor stated that the current traffic situation in the capital city requires parking facilities rather than just parking meters.

“In this kind of development, you need parking lots. If you bring parking meters in the city, the parking meter cannot take off all this traffic that you have in the city. While you have parking lots, some people can choose to park their vehicle or if they have parking meters, they can choose to park on the pavement,” he told the media.

On the other hand, Narine added that he is not against parking meters but opined that it should be done through consultation and input from the private sector and civil society.

“Parking meter is necessary. I’m not saying no to parking meters. It is necessary but I believe, it should be done in conjunction with the private sector and other stakeholders within the city. You just can bring parking meters and wake up the next morning and see a meter at your door. That happened before. I believe a proper study, engaging the citizens and civil society, and have something comprehensive.”

One of the many parking meters left abandoned in Georgetown

The Mayor and City Council (M&CC) had entered into a contract with Smart City Solutions (SCS) under the previous A Partnership for National Unity/Alliance for Change (APNU/AFC) Government in 2016 for the installation of parking meters in the capital city.

The parking meters were active in January 2017, but this was met with strong resistance from the then PPP/C Opposition, private sector bodies, and citizens, who formed an organisation called Movement Against Parking Meters (MAPM). They went on to hold some of the largest non-political protests ever seen in the city.

Amid public pressure, the then APNU/AFC Government finally intervened and suspended the by-laws which paved the way for the implementation of metered parking, thus effectively halting the parking meter project. The project has since remained stalled.

With the M&CC under the then mayorship of Patricia Chase-Green and then Town Clerk Royston King failing to implement the parking meter project, SCS is now suing the Guyana Government through the Washington, DC-based International Centre for Settlement of Investment Disputes (ICSID)—an arbitration institution established by the World Bank Group to address legal dispute resolution and conciliation between international investors and States.

City Hall is at risk of being levied on if Guyana loses the US$100 million lawsuit brought by international company, Smart City Solutions (SCS) over the terminated parking meter project. To this end, Attorney General and Legal Affairs Minister Anil Nandlall, SC, last week said he is standing by his request for US$3 million to pay an international law firm to represent the country’s interest.

During last week’s sitting of the National Assembly, the Attorney General requested $100 million in supplementary funds for the Legal Affairs Ministry. Of the entire sum approved by the House, US$3 million will be made as a deposit towards those legal fees. The legal fees have attracted many public criticisms, with persons accusing the Government of wasting taxpayers’ money. But this is far from the truth, Nandlall has clarified, noting that while the APNU/AFC which made the reckless decision is out of office, his Government must defend Guyana.

During a recent interview with the Department of Public Information (DPI), he disclosed that the law firm representing Guyana in the US$100 million lawsuit, Foley Hoag and Associates, “is of very high international standing”. According to him, the Washington law firm is also leading Guyana’s legal team in the border dispute case with Venezuela at the International Court of Justice (ICJ).

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JLP councillor in custody on fraud charge; fined for traffic breach Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News
Loop News

6 hrs ago

File photo

NEWYou can now listen to Loop News articles!

Jamaica Labour Party (JLP) Councillor and businessman, Christopher Townsend, was fined $5,000 for breaching the Road Traffic Act on Friday.

Townsend, who is the Councillor for the Olympic Gardens Division in West Central St Andrew, appeared in the St Ann Parish Court, where the fine was imposed on him.

The businessman who owns a fleet of buses, remains in police custody, as he was charged in a separate case which is set to be heard in the Kingston and St Andrew Parish Court.

A date for the hearing of that case is yet to be announced.

In that matter, the councillor is facing charges relative to allegedly aiding and abetting the fraudulent use of a motor vehicle licence plate.

It is alleged that Townsend allowed another bus operator to use a licence plate on a unit although the plate is registered to another bus in his fleet.

Cops uncovered the alleged fraud after they seized the bus, which had the incorrect licence plate.

The councillor was later arrested and charged by the police’s Public Safety and Traffic Enforcement Branch (PSTEB).

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Newsmaker: PNP, Gov’t clash over teacher migration, state of education Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

This week’s featured development as Newsmaker of the Week just ended is the issues relative to the migration of teachers from Jamaica.

The development became a ‘hot-button’ political issue and a political football last week, with the Opposition People’s National Party (PNP) describing as “painful, hurtful and disrespectful”, the purported lack of concern by Education and Youth Minister, Fayval Williams, at the fact that hundreds of teachers have exited the local classrooms for better pay and other opportunities overseas.

There was also a call by Opposition Spokesman on Education and Training, Senator Damion Crawford, for Williams to change her posture and attitude towards the myriad of challenges facing the education sector two weeks ahead of its scheduled reopening on Monday, September 5.

He said if she fails to change, she should be relieved of the ministerial portfolio.

But Williams fired back, defending her stewardship of the portfolio, and insisting that more than 1,000 teachers will be available for employment to fill the spots left by migrating educators.

For weeks, the talk of migration, specifically regarding teacher migration, has dominated headlines.

The issue of migration of the island’s citizens was even underscored by a report from TheGlobalEconomy.com, which ranked Jamaica in second place out of 177 countries on the 2022 edition of its human flights and brain index.

The PNP called a press conference on Wednesday, where the perceived lack of preparation by the Ministry of Education for back-to-school, and supposed nonchalance in tackling teacher migration were among the topics that were raised.

Junior Spokesperson on Education and Training, Rasheen Roper Robinson, was first to strike at Williams, chastising the minister for her earlier remarks that there is no need for concern regarding the migration of teachers.

Robinson called for improvement in teacher compensation to be urgently addressed, as well as the introduction of a shift system for teachers, in an effort to keep them in Jamaica.

“So, to have a minister and ministry to say that they are not concerned or alarmed that teachers are leaving is not only painful and hurtful, but disrespectful, and we want better for our teachers,” Roper Robinson indicated.

For his part, Crawford admitted that teacher migration is not a new phenomenon, but said it is continuing at an alarming rate.

He said the ability to replace teachers is getting even more difficult, as there is an increasing demand for local teachers by overseas recruiters in the United States and Canada, for example.

Crawford added that based on information he has received from local education stakeholders, including principals, the Jamaican teachers are being recruited in the areas of mathematics, science, modern languages and technical subjects.

Based on that same dialogue with stakeholders, the Opposition senator said between 400 to 700 teachers have left so far.

“Minister Williams, however, ignores that at any point that is chosen, the teachers employed to the system will deplete by approximately 30 per cent in 10 years, and 60 per cent in 20 years,” he suggested.

In citing interviews he said he has done with teachers who have left, Crawford said their reasons for leaving include “the inability to experience a reasonable quality of life on a teacher’s salary, and the unlikely attainment of desirables such as houses and cars, (plus) the social disregard for teachers despite the challenges,” among others.

Fayval Williams

To that end, Crawford outlined a raft of proposed solutions to curb the mass exodus of teachers from Jamaica’s shores.

Among the approaches he called for is to offer teaching training in the summer months, free of cost, for all university students, and welcome others with degrees and diplomas who may be willing to consider teaching at some point in the future.

He also suggested that the Government could arrange for special teachers’ limit of possibly $14 million per person from the NHT, with a one per cent interest rate which transforms to the normal loan once the teacher leaves the system.

Turning to the other challenges facing the education sector, Crawford claimed that almost every aspect of the plan to ensure the readiness of the first full face-to-face resumption of an academic year since the disruption brought on by the onset of the coronavirus pandemic, is in disarray.

The National Housing Trust’s head office in New Kingston.

Aside from the migration of teachers, he said schools are grappling with the late distribution of rental books and inadequate furniture.

“It is our belief, unfortunately, with no intention of disrespect, that the ministry needs greater energy and creativity at this moment in time,” Crawford concluded.

When asked if he is calling for a change in leadership at the education ministry, Crawford said: “We are saying that the minister either needs to change or to be changed based on her ability to change.”

He elaborated: “There are two methods of change. You can change the person or the person can change.

“So if the minister, at current, is incapable to get greater vigour and vitality as it relates to the management of the education system, (and) if she is incapable to exert the energy and interest and excitement that it demands, then the minister needs to change,” the Opposition senator indicated.

“However, I believe that the first call is for the minister to understand and accept her need to change, and to indicate to the public that she can do better and she not just misunderstand the circumstances that face the education system,” said Crawford.

In response to Crawford’s call for her to change, Williams said she has led several changes at the Education Ministry, and she will continue her efforts to solve the issues she inherited from previous ministers.

In relation to teacher migration, Williams, in a radio interview on Thursday, disclosed that more than 1,000 specialised teachers will be available to fill teaching positions in the new academic year.

“There are teachers coming out with specialisation in the Ministry of Education’s scholarship programme. There are 121 teachers with specialisations in maths, science, geography, visual arts, and they are coming into the system,” she said.

Fayval Williams

“When I look at the figures out of our other teacher training institutions, I see that we are having almost 1,000 teachers there coming out with specialisation in mathematics, science and business education,” Williams added.

Of the 1,000 teachers, she said 140 of them had double majors in mathematics and computer science.

Additionally, 111 were said to be early childhood teachers who are coming into the formal education sector.

Turning to the issue of rental books, Williams said approximately $2 billion is being spent on rental books for primary and secondary schools.

Further, she said the provision of furniture is being addressed.

While acknowledging that there is the need for maintenance work at more than 1,000 schools island-wide, the minister said some schools have already benefited from infrastructural improvements, such as electrical and sewage system upgrades.

Roofs and bathrooms at some schools have also been addressed, according to Williams.

Though she gave assurances to allay fears about the possibility of teacher shortage, lack of rental books and infrastructure challenges, some Jamaicans sided with Crawford and called on her to be reassigned from the education and youth portfolio.

“Yes, Fayval (Williams) should go, because I don’t believe she has a grasp of the Education Ministry at all. That’s my opinion. Education needs someone who was in the sector and can give expert advice and solutions,” wrote Facebook user, Jackie Harris.

Another user, Segay Williams, commented:

“Worst Education Minister. Mi nuh like Anju, but Andrew (Holness) did way better (as Education Minister). Shouldn’t even compare him to you.”

Other social media users like Marlon Davis defended Williams’ stewardship of the education and youth portfolio.

“Fayval is doing her job as intended by the person who put her in that position, the PM. Can’t say the same of this guy (Damion Crawford) who embarrassed himself and the party he represents on many occasions. I wouldn’t take him seriously and neither should you,” stated Davis.

Shared Facebook user, Dt Brown: “The entire educational system needs a complete overhaul. Else we are going to continue suffer as a nation frm the continuous brain drain. We are still educating for yesteryear, and not the present nor the future! We need urgent drastic changes asap!”

To the proposals made by Crawford to keep educators in Jamaica, social media user, Hardlife Fedup, said: “I see Damion trying his best to help the Government with some great ideas.

“I hope the Government uses them or else the education system will be worsen,” said the user.

Florence Wickham responded to Crawford’s proposal for better staffrooms for teachers as one of the initiatives to keep them in Jamaica.

“We do NOT need any upgrade in staffroom !!!!!!!! Staffrooms CANNOT hold teachers resources !!!!!!!! We NEED individual classrooms right across the board from Early Childhood Education to Secondary Level Education !!!!!!!

“You teach overseas, you have your OWN room where you can be creative and do whatever you want to do !!!! The staffroom is a road block to the teaching and learning process!” Wickham suggested.

There were some individuals who had no issue with teachers migrating, and called on the Government to do more to improve their salaries and other benefits.

“Let the teachers go. Too long they in bondage. I don’t wrong the teachers, unno stress the teachers too much and nah pay them good,” said Kelene Alexandria Hill.

On the other hand, some persons reminded that teacher migration is now a global phenomenon.

“This is not a Jamaica problem, right now the Florida governor is recruiting first responders to fill teaching positions,” informed Paulette J McDonald, a Facebook user.

Ritchie Xfactor wrote: “Every country has this (migration) problem… Even the big bad USA. We are a third world country and people will always be looking for better.”

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St Catherine’s most wanted remanded on two murder charges Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

Rudolph Shaw, St Catherine’s most wanted man who fled to the Cayman Islands where he led armed police on a dramatic chase before being held, is to return to court on September 7.

When Shaw appeared in the St Catherine Parish Court on Friday, he was remanded in custody.

The matter was then transferred to the Corporate Area Gun Court, where it is to be heard on September 7.

Shaw has been charged with the murder of 59-year-old Wilfred O’Connor, a carpenter of St John’s Road in Spanish Town, St Catherine.

The carpenter was among five persons who were shot by armed men on September 29, 2021.

Shaw has since been slapped with an additional murder charge relative to the death of 60-year-old Clinton Davis, who is also from St John’s Road in Spanish Town.

The accused was also remanded in police custody on that charge.

Shaw has been in custody in Jamaica since his return to the island on July 27.

He was wanted in connection with multiple murders and several shootings in St Catherine, and was considered to be one of the most wanted men in both police divisions in the parish when he fled the country.

The then wanted man surfaced in the Cayman Islands in July. After some coordination between law enforcement agencies in Jamaica and Cayman, a manhunt was started for him.

On July 8, personnel from the Cayman Islands’ Firearms Response Unit travelling in a marked service vehicle, approached a vehicle with two occupants, one of whom was Shaw.

The occupants of the vehicle attempted to evade the police and rammed into the police unit, causing their vehicle to become disabled.

Police captured Shaw and he was escorted to Jamaica on July 27, 2022 by CBC and Royal Cayman Islands Police Service personnel.

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SFCG Releases “Savvy Seniors Savings” Guide for World Senior Citizens Day Manage Later-Life Financial Issues With Ease and Confidence

Black Immigrant Daily News

The content originally appeared on: Antigua News Room

SamuelFields Consulting Group (SFCG), a Community eLearning Partner that specializes in financial wellness, believes that good money management is essential at all ages and stages of life. This is particularly true for older adults when financial issues, including spending and saving patterns, present a myriad of challenges.

Living on a fixed income can certainly be quite scary for our elders.  As we celebrate World Senior Citizens Day on Sunday August 21, SFCG wants to offer some advice and solutions. Inflation affects consumers’ wallets and older Antiguans and Barbudans living on fixed incomes are likely to feel it most. As seniors advance in age, many will require assistance in managing various aspects of their finances and depending on their relationship with a caregiver or power of attorney, this move must be handled with great care.

The SFCG Team recognizes that conversations with senior citizens about money management can be difficult and emotional for all parties involved. It is therefore important to broach the subject of financial assistance with a measure of sensitivity. Some elders may be embarrassed by their inability to handle their financial affairs. Others may be simply afraid that by relinquishing control of money, they may lose a large measure of independence. Some seniors are not knowledgeable enough to make long-term financial decisions and are skeptical about whether children or relatives will follow their wishes in managing their money.

Tools for Financial Security Among Senior Citizens

SFCG has prepared some resources to help older adults and their caregivers navigate important decisions that can affect later-life financial security and wellness. The Savvy Seniors Savings Guide is simple to follow and covers essential financial and wellness tips for older adults:

– What is your money personality quiz?

– Top financial things senior citizens should consider;

– How to create a monthly budget;

– How to create a spending diary;

– Top budget busters to avoid.

The Savvy Seniors Savings Guide is dedicated to Miriam Samuel, mother the CEO of SFCG, Megan Samuel-Fields and to other senior citizens who are old enough to retire and young enough to enjoy it. “Our senior citizens represent wisdom, determination and resilience, earned through a life filled with varied experiences.  We want to support our senior citizens as they manage their finances, to ensure that they can enjoy their golden years,” said Megan Samuel-Fields.

Here are some tips to help seniors (and their caregivers) manage their money as they age gracefully:

Start financial conversations with your caregivers early;
Take inventory of your financial and legal documents;
Simplify your bills and assign financial tasks to a loved one;
Consider a power of attorney.

To download the Savvy Seniors Savings Guide click on: https://bit.ly/3QTbOC2 For more information visit: samuelfieldsconsulting.com

About the Author

Megan Samuel-Fields is a CPA, attorney-at-law, financial coach and CEO of SamuelFields Consulting Group (SFCG). As a Community eLearning Partner, SFCG’s dedicated network of experts provides a wide range of professional services and training in financial planning, accounting, auditing, financial wellness, management and marketing.

CLICK HERE TO JOIN OUR WHATSAPP GROUP

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Govt leaning towards small refinery against bigger operations

Black Immigrant Daily News

The content originally appeared on: INews Guyana
Vice President Dr Bharrat Jagdeo

– VP Jagdeo says negatives of large refineries outweigh benefits

With light, sweet crude oil produced offshore Guyana, the Government appears to be favouring the establishment of a small refinery, over a much larger operation, to process the crude for local consumption in order to ensure the country’s energy security in the future.

During a press conference on Friday, Vice President Bharrat Jagdeo disclosed that while the Government has received at least eight or nine proposals for big refineries to be set up here, the conditions for these potential projects are not favourable to Guyana.

While he did not go into details about the proposals submitted, Jagdeo pointed out, however, that some of them are making “outlandish claims”.

These proposals, the Vice President explained, largely presuppose, among other things, that Guyana will have to sell crude to the refinery operator. He added too that the refinery operators would also want fiscal concessions that may be “too lucrative” because of the scale of their investment.

Another negative coming out of those proposals is the fact that the country will have a greater level of carbon emissions since refineries are more polluting.

Small refinery

But while the Government is looking at all of these applications for large refinery operations here, Jagdeo highlighted the need for at least one small refinery in the country to ensure Guyana’s energy security.

“Having a small refinery here could make a big difference for energy security because if we have, for example, hurricanes or any other disaster [in the region] and we can’t get our supply of gas or kerosene or anything else, then having a local refinery – a small one – can make a big difference for national energy security,” the Vice President posited.

According to Jagdeo, while there are a lot of talks and favouring of value-added refinery operations, the concessions that would have to be given or the increased emissions from such a project may “net out some of the other benefits” of such large ventures.

“So, these are the variables we’re looking at now. But you have a number of people out there who are looking to get an MoU from the Government just to shop around. And I’ve seen a lot reported as though this is going to happen tomorrow. I just want to urge caution with that and I’ve given you all the variables that we’re considering in this matter because the energy security is an important issue for Guyana – future energy security,” the Vice President asserted.

Only last month, VP Jagdeo said that Government is prepared to support the establishment of a small refinery, and even sell limited amounts of Guyana’s crude to such a facility.

“We have a lot of proposals here for refineries. Right now, we have several, and we said we’re prepared to sell because I don’t know which one will go forward. So that if it will lend itself to greater energy security – which is a crucial matter for us – so that we have, in situations of crises, the same way we have food crises, that we can have our own domestic supply of gas and everything else; for that reason, we’re prepared to support a small refinery… we’ve had discussions with several groups, and we’re prepared to sell a limited number of barrels of crude to the refinery to make that work,” he said during the Guyana Manufacturing and Services Association’s (GMSA) mid-year dinner in July.

Oil refinery on EBD

Already, a United States investor – Chemtech Limited – is planning to set up a US$200 million oil refinery and integrated petrochemical manufacturing complex on the East Bank of Demerara (EBD) that will employ some 750 persons during its construction and another 300 permanent workers.

According to Chemtech in its project summary, they have already received no-objection letters from the Guyana Office for Investment (GO-Invest) and the Region Four (Demerara-Mahaica) Regional Democratic Council (RDC) for the project, which has a proposed site on 492 acres of land at Plantation York.

“The Government of the Republic of Guyana is seeking to further diversify the economy from oil and gas, mining and the export of logs, there is a need to develop the downstream industry,” the special purpose company explained.

This oil refinery will produce the products that Guyana imports at this time and the excess will be for the markets in the Caribbean. The company went on to list some of the downstream products of the oil and gas sector it will be processing, such as methanol, urea, and melamine, as well as marketable products such as veneer board, formaldehyde and fertiliser. These products, they noted, can generate revenue from exports and domestic profit, as well as the training opportunities for employees.

Its first phase will be focused on the integrated chemical complex, while its second phase will see a port being built to service the oil and gas sector and provide shipbuilding and repairs. All in all, the company estimates the project will cost US$200 million.

According to the company, this project will create several jobs for the wood industry – the engineered board will be termite resistant, and not forgetting this will generate foreign currency. The Engineered Board OSB will be an opportunity to build low-income houses, luxury homes, and pre-fabricated homes for the export market. Veneer Board will allow the manufacturing sector to export world-class furniture.

When it comes to the Environmental Protection Agency (EPA), the company assured that the agency’s requirements will be adhered to and that process and technical data will be available for each plant. They also listed their source of financing as United Securities Trust of Switzerland.

According to the company, the oil refinery will take between 24 and 30 months to construct, while the integrated complex will take between 18 and 24. The project, it assured, would not need natural gas but would utilise products already made from natural gas, such as methanol and urea.

This is even as procurement has already been started by the Government of Guyana for a gas-to-shore project that will include a power plant and a Natural Gas Liquid (NGL) plant, all of which will be constructed under a combined Engineering, Procurement, and Construction (EPC) process within the Wales Development Zone (WDZ). The aim is to deliver rich gas by the end of 2024 for the power plant while the NGL facility is slated to be online by 2025.

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Agriculture, manufacturing & gold among non-oil sectors projected to grow in 2022 – IDB

Black Immigrant Daily News

The content originally appeared on: INews Guyana

– report also highlights Guyana’s potential to expand its access to capital

In its recently released quarterly report entitled “Caribbean Economics, Finance for Firms”, the Inter-American Development Bank (IDB) has not only projected the growth of various productive sectors in Guyana’s economy, but also the potential for Guyana to expand its access to capital for small, medium and large firms.

According to the report, Guyana’s Gross Domestic Product (GDP) growth is expected to increase by 47.5 per cent in 2022, compared to 43.5 per cent in 2020. Delving further into the report, it states that the non-oil economy, which contracted by 7.3 per cent in 2020, will grow by 7.7 per cent this year.

This will be driven by growth in agriculture, mining and construction. Agriculture and gold, which contracted last year, will grow by 8.9 per cent and 12.2 per cent, respectively, in 2022. The manufacturing and construction sectors are also expected to grow by 14.3 per cent and 10.5 per cent, respectively. On the other hand, the large services sector is projected to grow by 3.8 per cent.

“In summary, the new oil economy has rebalanced as follows: oil and gas are estimated to represent 59.7 per cent of GDP in 2022, followed by services at 16.7 per cent, agriculture at 10 per cent, and gold production at 4 per cent. Oil production’s contribution to GDP growth was 51 per cent and 17 per cent in 2020 and 2021, respectively, and is projected to be 43.3 per cent in 2022,” the report further detailed.

When there is economic growth, access to finance for the private sector is never far from the conversation, as businesses serve as the engine of growth for the non-oil economic sectors. The development of the financial sector of a country is measured by its financial depth, which the report went into detail about.

According to the report, Guyana’s financial depth has been climbing steadily, increasing from 22 per cent in 2009 to 39 per cent in 2020. The report notes that there is potential for credit to continue expanding in Guyana.

According to a graph in the report that compared the years 2014 and 2020, Guyana has always been one of the countries in the region where firms had minimal barriers to financial access, compared to its regional peers.

Graph showing the barriers firms in the region face in accessing capital, due to cost of credit

This became even more apparent in 2020, during the COVID-19 pandemic, when major obstacles to accessing finance in Guyana only accounted for 32 per cent and very severe obstacles accounted for 18 per cent. In contrast, the obstacles to accessing finance have ballooned in other countries.

In Jamaica, these figures were 37 per cent and 22 per cent respectively in 2020. In Suriname it was 46 per cent and 30 per cent, respectively. In the Bahamas, it was 31 per cent and 21 per cent, while Barbados registered 32 per cent and 40 per cent.

And in Trinidad and Tobago, it was 41 per cent and 24 per cent, respectively. This is in sharp contrast to 2014, when the twin island republic had the least obstacles to accessing finance with 10 per cent major obstacles and four per cent severe obstacles.

However, the report highlights than in 2020, Guyana had serious issues with cost of credit, including regionally high interest rates. In 2020, Guyana’s major obstacles and very severe obstacles to cost of credit accounted for 36 per cent and 12 per cent, respectively. The closest country to Guyana in terms of its major obstacles to cost of credit, was Suriname with 26 per cent.

“Over 40 per cent of firms in Barbados, Guyana, Suriname, and Trinidad and Tobago reported high interest rates as a significant barrier to their operations in 2020. For most of these countries, these concerns became more acute between 2014 and 2020.”

“The only country for which firms in aggregate reported this being less of a constraint in 2020 than in 2014 was Jamaica, though even there, 36 per cent of businesses flagged this as a concern,” the report also states.

Again, interest rates were a severe problem in Guyana when surveys were taken. In 2020, a whopping 41 per cent of large firms listed “interest rates are not favourable” as their reason for not applying for credit. Only Bahamas came close, with 30 per cent of large firms listing this as their reason. However, this was the reason in Barbados for 39 per cent of small firms.

Non-favourable interest rates were also the number one reason in Guyana for women-owned and women-led firms to not apply for credit.

The report contains a number of recommendations for how states such as Guyana can improve its access to finance, one of which is the use of more technology. A point in Guyana’s favour is that it has slowly been progressing towards the use of more technology, but much more remains to be done.

“Of 155 firms surveyed in Guyana, less than half reported accepting payments by credit cards. About a third mentioned accepting bank transfers, while very small shares reported accepting payments from mobile money apps or electronic payments through a mobile phone,” the report states.

Firms in Guyana also reported to the IDB that collateral for access to loans, is a major or very severe obstacle for them. Other obstacles include interest rates. A 2020 survey had reported that average interest rates for Guyana were 11.8 per cent, compared to the Caribbean average of 13.3 per cent. Lending rates have, however, declined since the survey and averaged 9 per cent last year.

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The content originally appeared on: INews Guyana

Post by @iNewsGuyana.

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