Guyana to strengthen its social protection with IDB Support

Last Updated on Wednesday, 29 November 2023, 20:11 by Denis Chabrol

The Inter-American Development Bank (IDB) approved a $30 million loan to strengthen the protection of vulnerable populations in Guyana, the Western Hemispheric financial institution said on Wednesday.

“This loan, approved by the IDB’s Board of Executive Directors, will strengthen the Senior Citizen’s Pension program by expanding electronic payments through Mobile Money Guyana and the increase of the pension’s monthly value.

The $30 million IDB loan has a grace period of 5.5 years, an interest rate based on Secured Overnight Financing Rate (SOFR), an amortization period of 20 years and will be disbursed over the course of one year. The operation was prepared by IDB in collaboration with Global Affairs Canada.

The initiative will help people living with disabilities, by increasing access to the Public Assistance Program and by supporting the implementation of the Learning Lab, which will deliver skills training courses,” the bank added.

In addition, the IDB says the project will support gender empowerment by providing services for victims of gender-based violence (GBV). It will also empower economically women, and support victims of trafficking-in-persons. Among other things, according to the IDB,  it will support the preparation of GBV policy framework, the elaboration of 400 business plans by women participating in the Women’s Innovation and Investment Network (WIIN) program, and the approval of the Trafficking in Persons Bill, which expands the protection to children, by drafting criminal offences and establishing a cooperation framework with other countries.

The IDB adds that the project will also improve the efficiency of the social safety net by approving a strategy for the digital transformation the Ministry of Human Services and Social Security (MHSSS) and a Data Protection Bill, which protects the data of the beneficiaries of the social safety net.