Guyana has signed a US$150 mil­lion mem­o­ran­dum of un­der­stand­ing (MOU) with the Sau­di Fund for De­vel­op­ment for in­fra­struc­tur­al works to be done in Guyana, ac­cord­ing to a gov­ern­ment state­ment is­sued here on Fri­day.

The state­ment by the Min­istry of Fi­nance said that Se­nior Fi­nance Min­is­ter Dr. Ash­ni Singh signed the MOU with the chief ex­ec­u­tive of­fi­cer of the Sau­di Fund for De­vel­op­ment, Sul­tan A. Al­Mar­shad t”re­gard­ing the Sau­di Fund’s par­tic­i­pa­tion in the fi­nanc­ing of de­vel­op­ment projects in Guyana.”

Ac­cord­ing to the state­ment, the projects are in­fra­struc­tur­al de­vel­op­ment works for the hous­ing sec­tor and con­struc­tion of the Wis­mar Bridge, both projects to­talling US$150 mil­lion.

It said that the MOU was signed on the side­lines of the 2023 Is­lam­ic De­vel­op­ment Bank (Is­DB) Group’s an­nu­al meet­ing tak­ing place in Sau­di Ara­bia.

Singh, who is lead­ing Guyana’s del­e­ga­tion to the meet­ing “thanked the Sau­di Ara­bia gov­ern­ment for its in­valu­able co­op­er­a­tion and part­ner­ship in Guyana’s de­vel­op­ment”.

The state­ment said that as Guyana con­tin­ues its “ag­gres­sive dri­ve to trans­form the coun­try’s land­scape, this trans­for­ma­tion is par­tic­u­lar­ly vis­i­ble in the area of trans­port in­fra­struc­ture”.