GUYANA: An offshore financial centre?

September 7, 2010 Leave a comment

The Majestic Kaieteur Falls

By: Andrea Proctor

GEORGETOWN –Somewhere in the heart of sunny Georgetown Guyana, there are murmurings about developing Guyana into an Offshore Financial Centre (“OFC”), with a focus on Offshore Banking. OFCs provide low or no tax jurisdictions, along with excellent commercial and corporate services to non-resident companies and individuals. Residents of an OFC typically experience a higher standard of living.

No one would argue that Guyana needs a sound and sustainable plan to attract capital, resources and investment to its shores. However, ideas of such magnitude should not be embraced or indeed dismissed without in-depth analysis.

The Guyanese experience

All Guyanese know that it is the careful preparation that makes any meal a success.

Guyana’s reputation as a stable political, social and economic destination will have to be carefully and firmly established before it could succeed as an OFC.

Despite the reports that Guyana has experienced moderate economic growth in recent years, it must project an image of sustained development and economic maturity before foreign banks and businesses will seriously consider migrating to its soils. The nation will at the very least, need to make a greater effort to restore basic humanities, provide reliable utilities, manage its waste collection and disposal, and do what it takes to remove itself from certain “Watch Lists” and a variety of other coloured lists.

Genuine buy-in from, and consultation with, all major political parties, relevant industry bodies and stakeholders, and a willingness to progress such a proposal at a national, unified, level will be essential. Even with the greatest political will, this is not going to be a 4 year project.

What’s the Attraction?

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Nationwide acceptance of LCDS impresses forest evaluation experts

September 3, 2010 Leave a comment

GEORGETOWN -A delegation sent to conduct a real time evaluation of the Norwegian Global Initiative on Climate Change and Forestry in Guyana is impressed with the mass acceptance of Guyana’s Low Carbon Development Strategy (LCDS).

The team led by Pete Hardcastel a forester and consultant, met President Bharrat Jagdeo today at the Guyana International Conference Centre (GICC) after concluding a baseline assessment of their four-year assignment.

“One of the things that we found is that everybody that we have met, without exception, has been supportive of the Low Carbon Development Strategy,” Dr Hardcastle said.

Its wide-based concept, Dr Hardcastle said is enough conviction for the strategy to be genuinely and universal accepted as an initiative good for Guyana.

“We feel that’s a good starting point and its implementation is something that we should all need to learn about as things start moving forward,” Dr. Hardcastle.

He was accompanied in his visit to the President by Political Scientist Dr. Deborah Davenport and Forest Ecology Specialist, Dr. Phillipa Lincoln.

The visit to Guyana is one of a series of five national level assessments to determine Norway’s impact on climate change and forestry at the sub-national, national and global levels. The other countries include, Brazil, the Democratic Republic of Congo, Tanzania and Indonesia.

Norway has partnered with Guyana to achieve one of the first attempts between a developed and a developing country to work together to implement a national scale model on how forests can be deployed to address climate change without compromising sovereignty or national development priorities.

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Guyana to sell rice to Venezuela in $38M deal

August 28, 2010 Leave a comment

GEORGETOWN -The Caribbean region’s largest rice producer says it will start selling the grain to Venezuela.

Guyana expects to sell 70,000 tons (64,000 metric tons) of rice to its South American neighbor. The government has said the deal will help offset a $160 million debt it has accumulated for the 5,000 barrels of oil it receives daily under the PetroCaribe agreement.

Guyana’s Rice Producers Association leader says Venezuela will pay up to $700 per ton of rice. Dharamkuman Seeraj said Saturday that the deal accounts for up to 30 percent of the autumn rice crop.

Guyana exports about 70 percent of its rice, most of it to the European Union.

US Senator Taps Guyanese National For Communications Job

August 27, 2010 Leave a comment

Errol Cockfield

By: Bevan Springer

NEW YORK/GEORGETOWN – Errol Cockfield, who was born in Guyana and also lived in Trinidad before emigrating to the US at age 10, will run communications for Democrats in the New York State Senate, beginning early September.

Senator John Sampson, the Democrat Majority Conference Leader, who also has Guyanese heritage, has recruited the 36 year-old Cockfield as Communications Director of the Senate Democratic Majority.

Cockfield holds a Bachelor’s in English with a minor in Journalism from SUNY Stony Brook and went on to head Newsday’s Albany Bureau and worked as a staff writer at the Los Angeles Times.

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Guyana gets new Spanish Ambassador

August 24, 2010 Leave a comment

Spanish Ambassador to Guyana Joaquin with President Jagdeo (GINA PHOTO)

GEORGETOWN (GINA) -New Spanish Ambassador to Guyana Joaquin Maria de Aristequi has high hopes in developing Guyana’s energy sector through strengthened cooperation between Guyana and Spain.

Non-resident Ambassador Aristiqui presented his letters for Credence to President Bharrat Jagdeo at the Office of the President in the presence of Minister of Labour Manzoor Nadir serving as Foreign Affairs Minister and Director General in the Foreign Affairs Minister Elisabeth Harper.

Speaking to the media Ambassador Aristiqui said the energy sector is circuital to the future wellbeing and economic growth of Guyana. He made reference to REPSOL’s presence in Guyana as a good signal of economic opportunities.

REPSOL which holds the reputation as a leading international oil exploration is one of four companies that began exploration work in the offshore Guyana Basin in 2008.

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Guyana receives New Chinese ambassador

August 24, 2010 Leave a comment

GEORGETOWN -The more-than-30 years of friendly relations between Guyana and China have led to the fulfillment of major developments in the country’s capital and human resource capacity and new Chinese Ambassador to Guyana Yu Wenzhe promises to continue the cooperation trend between the two countries.

The Ambassador yesterday presented his letters of Credence to President Bharrat Jagdeo in the credentials room at the Office of the President, replacing his predecessor Zhang Jungao who served three and a half years in Guyana.

At yesterday’s accreditation ceremony were Minister of Labour Mazoor Nadir performing the duties of Foreign Affairs Minister and Director General in the Foreign Affairs Minister Elisabeth Harper.

The new ambassador told the media about some of his immediate priorities while serving in his capacity which would include efforts to enhance the political thrust and respect between the governments of the two countries as well as the “win-win” economic cooperation.

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Infinito Gold Ltd. Signs Letter of Intent to Sell Guyanese Assets to Shoreham

August 19, 2010 Leave a comment

CALGARY –Infinito Gold Ltd. and Shoreham Resources Ltd. have entered into a non-binding letter of intent through which Shoreham can acquire 100% of the issued and outstanding common shares of Infinito’s subsidiaries in Guyana and Aruba which hold the Marudi Mountain and Paint Mountain, and Potaro mineral concessions as documented in the March 7th, 2007 agreements between Shoreham and Infinito.

The Company and Shoreham propose to complete the transaction through payments to Infinito of US$500,000 in cash and the issuance of 1,600,000 common shares of Shoreham to the Company. On August 17, 2010, Shoreham paid US$100,000 to the Company (the “Deposit Payment”), and upon closing Shoreham will pay to the Company the US$400,000 balance and issue 1,600,000 shares.

The Company will have the right to receive a 2% Net Smelter Returns (“NSR”) royalty for all future mineral production from the Marudi Mountain Project to a maximum of US$3,000,000. The Company will also receive from Shoreham a 2% NSR royalty for all future alluvial, saprolite and bedrock production from the Potaro Project, to a maximum of US$2,000,000.

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