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Guyana president moves to access Norway LCDS funds

Saturday, 25 September 2010 12:00 Written by  font size decrease font size decrease font size increase font size increase font size

By Caribbean News Now Staff

GEORGETOWN, Guyana – President Bharrat Jagdeo has announced in New York that Guyana will agree to the current World Bank mechanism to access the first US$30 million tranche of climate change funds from Norway because he wants to move the Low Carbon Development Strategy (LCDS) along.

Guyana and Norway signed an agreement a year ago under which Norway will provide US$250 million to Guyana's climate change programme under agreed benchmarks and the World Bank is the agency through which the funds are to be disbursed.

President Bharrat Jagdeo
Jagdeo told Norway's Environment Minister Erik Solheim that Guyana will "sign on to whatever they have now just to get it (LCDS moving) because I can't wait any more, the indigenous people can't wait any more."

The Guyana Chronicle reported that the president noted Guyana has, since January, met with conditions for the funds to start flowing from the agreement with Norway but existing World Bank conditions for releasing the money are holding up key projects.

The president's announcement came at a special panel session in New York of former US President Bill Clinton's Clinton Global Initiative (CGI), which looked at "investing in the world's forests”.

He maintained that the World Bank's traditional rules of accessing funds were delaying key aspects of Guyana's model of a non-polluting pathway development, which came in for more praise from other members of the high level panel including the Australian prime minister and current foreign minister.

Jagdeo pointed out that Guyana has built a momentum in its climate change programme and delays in disbursing funds from Norway will cause him to lose credibility since "people will say this model can't work."
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