Guyana’s rapid transformation has drawn high praise from the World Bank, one of the country’s significant development partners.
Speaking during a state media engagement this week, Lilia Burunciuc, World Bank Group Country Director for the Caribbean, said the country has undergone massive development with major investments, particularly in human capital and infrastructure.
“I would really commend the government for investing in what really matters when you have an economy that gets significant revenues from its oil: investing in human capital, investing in its people, because frankly the biggest asset that the country has even with oil, is its people,” the Director stated.
She described infrastructural development as a major contributor to enhanced productivity, job creation, improved connectivity and a key driver of the country’s long-term development.
She said that while the country’s infrastructure push is very visible, other areas, such as investments in citizens’ development and the building out of systems, will eventually pay off. She added that these initiatives will create future opportunities and advantages to the benefit of the country and its people.
The World Bank continues to play a major role in Guyana’s oil economy, having provided substantial support, particularly to its legal, institutional, and fiscal frameworks, under the US$20 million Guyana Petroleum Resources Governance and Management Project.
The project sought to strengthen key ministries and state institutions in capacity building, data management, and transparency to ensure sustainable economic benefits from the country’s offshore resources.
