A US$500 million Line of Credit from India will fund roads, health and defence projects in Guyana, as both countries signed three agreements on digital payments, community projects and small businesses.

External Affairs Minister S Jaishankar said on Thursday that India had decided to extend the credit line following talks with President Dr Irfaan Ali on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in St John's, Antigua and Barbuda.

"This will cover projects in the sectors of roads, health and defence," Jaishankar said in a video shared on X. "We look forward to developing projects under this Line of Credit."

The Ministry of External Affairs (MEA) said the first agreement covers the supply and installation of Micro and Small Enterprises manufacturing projects. The second provides grant assistance for Quick Impact Projects, while the third establishes cooperation in Digital Public Infrastructure and the operationalisation of a Unified Payments Interface (UPI)-like system in Guyana.

Jaishankar said the Quick Impact Projects focus on community-relevant development, while the small enterprise agreement is aimed at strengthening capacity to promote local employment.

He said the initiatives fulfil commitments made by Prime Minister Narendra Modi during his visit to Guyana for the CARICOM-India Summit in November 2024.
Ali said the credit line would fund roads that would open up thousands of new homes and house lots, as well as main highways, defence and health.

"The 500 million dollars line of credit will cover transformative infrastructure, including roads, which would lead to the opening up of thousands of new homes and house lots, main highways, defence, which is important for defence and security, and, of course, health," he said.

Ali also welcomed Modi's health initiative, which he said would bring affordable medication, transfer of technology and integration of healthcare services.

The MEA said the two leaders reviewed bilateral relations and explored ways to strengthen cooperation in trade and investment, energy, agriculture, infrastructure development, digital technology and capacity building. It noted that India has already completed several development projects in Guyana. (ANI)