Coming out of President's visit to New Delhi...
Indian Government agrees to finance stadium
January 20, 2004
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This latest development stems from discussions President Bharrat Jagdeo had with the Indian Government officials when he paid his second state visit to the world's largest democracy earlier this month.
In a television interview yesterday, President Jagdeo noted that in discussions with the Indian Government, it was agreed that Guyana will be given a grant of US$6M and offered a soft loan amounting to about US$20M.
Construction for the stadium will start later this year, the President assured.
"I came back with the assurance from the Prime Minister and President of India that the cricket stadium will be built, that they will give us a grant of US$6M and a soft loan to cover the rest of the stadium which can be as much as US$20M," he said.
When the President visited India in August, he requested assistance to build the stadium and the Government of India indicated its willingness to consider a proposal.
In December a team of Indian experts came here to follow up on the proposal by President Jagdeo.
The multi-purpose stadium will be used primarily to host the 2007 World Cup Cricket.
The next World Cup Cricket is slated for the Caribbean and if all preparations are made, Guyana will be bidding.
The stringent deadlines to construct the facility were communicated to the Indian Government, President Jagdeo said, and New Delhi agreed to work assiduously on the matter.
The site identified for the stadium is Providence, East Bank Demerara.
According to President Jagdeo, Guyana will be bidding to host the 2007 games later this year and he has to attach his signature to the bid document, guaranteeing that Guyana will be ready by the stipulated timeline to host the cricket competition.
"That would have certain implications for Guyana. It would expose the country. If we are not ready, the country could have a liability exceeding US$50M and I am required to put my signature to the guarantees. It means that I have to make sure, as President of this country, that we are ready and the key thing to being ready is to have the stadium in place. There are other things that we have to do but that can be done through national resources," he said.