Funds approved for major Linden scheme
THE European Commission has approved a Guyana Government proposal for some G$2.2 bln in funds to develop the Linden community.
The scheme, the Linden Economic Advancement Programme (LEAP) is for 12.5 million Euros (European currency).
Ambassador Vincent De Visscher, Head of the Delegation of the European Commission to Guyana announced the funds approval at the recent third annual luncheon of the Linden Chamber of Industry, Commerce and Development.
The office of the commission said the project, which was proposed by the Government of Guyana five years ago, envisages the economic diversification of the Linden community with the aim of creating and supporting sustainable jobs in the town.
De Visscher said several steps are required for the successful implementation of the scheme.
These include:
** establishing a revolving fund - the Linden Economic Advancement Fund (LEAF) - that will provide loan equity finance to create and expand viable micro, small and medium/large enterprises;
** establish a Business Development Unit to provide business support services to micro and small enterprises;
** establish a business incubator, providing managed workspace to start up enterprises;
** set up an inward investment facility to provide investment advice and support for the development of joint ventures or public/private arrangements for medium and large enterprises.
The scheme also covers:
** provision of infrastructure in Linden that supports economic regeneration.
** Provision of vocational and technical training services that support the economic regeneration of Linden.
** Building of capacity in regional and local administration as well as non-governmental organisations to plan local economic development and design and implement projects.
The commission said the activities under the programme will assist the local private sector in creating and expanding businesses.
The scheme will also contribute to creating a more favourable investment environment to compensate for the decline in bauxite mining.
"It will also assist public authorities, through some infrastructure investments and training facilities to encourage new investments in new economic sectors", it said.
The core activities of the programme, which will be operational for seven years, consist of business support services, provided on a cost-sharing basis, the commission explained.
It said accompanying measures include: vocational training, institutional strengthening to public and private institutions, a revolving credit fund and rehabilitation of socio-economic infrastructure.
 Follow the goings-on in Guyana
|