GuyExpo opened last evening with President Bharrat Jagdeo announcing that within 10 days Norway will deposit US$30 million into the Guyana REDD+ Investment Fund (GRIF), the first payment under the forest protection Memorandum of Understanding (MOU) signed between the two countries. “Since early 2009 we’ve been selling forest package services and though six months late the first payment of US$30 million is now being processed. It will be deposited in the Guyana REDD+ Investment Fund (GRIF) in the next 10 days,” Jagdeo said. “This is the first payment of its kind anywhere in the world,” the President said adding that it represents the development of a new global carbon economy.
The first payment enables us to get started with removing our entire economy from fossil fuel dependence…and will form part of the government’s investment in the hydroelectricity plant at the Amaila Falls,” he said. Jagdeo said that “the work to ensure that Amaila is built in a way that adheres to internationally recognized financial, social and environment standards is now well underway, in parallel with detailed financial and engineering work that will lead to the project’s construction.” “Once we are assured that the environmental and social impacts are taken care of government will authorize the contractor of the access road to commence construction,” he added.