…local investment will reduce overall repayments – BrassingtonFinance Minister, Dr Ashni Singh, in a recent press briefing said that they are satisfied that the interest of Guyanese will be protected as it relates to the US$15M award for the construction of the roads and related infrastructure paving the way for the Amaila Falls Hydro Electric Project (AFHEP).This was disclosed by Dr Singh who said, “We have the customary safeguards built into contractual arrangement.”This, he said,Chicago White Sox Jerseys, include mobilisation and performance guarantee bonds to the tune of some US$3M which was posted by Hand in Hand Group of Companies to back Makeshwar Fip Motilall, the Head of? Synergy Holdings Inc. who received the US$15.4M contract.Repeated efforts to contact Chief Executive Officer of that company, Keith Evelyn, proved futile while Company Secretary, Shaheed Essack, deferred calls to a company manager, Howard Cox,Kris Jenkins Villanova Jersey, who also could not be reached.According to Dr Singh, the bonds were part of a standard arrangement that secures and protects “our interest”He added, too, that the project will be continuously monitored and supervised to ensure that it is implemented successfully.“We will work in earnest with the contractor…so that the project can be realised in the national interest of the people of Guyana.”But for all that,NFL Jerseys Supply, it has been discovered that the US$3 million bond has not been reinsured by London. This means that any loss would have to be born by Hand in Hand.Dr Singh said that the government is committed to ensuring that the AFHEP becomes a reality, stressing that the project is still envisage as a public private partnership.He added, though, that a greater part of the capital will be from private funding,Jerseys NFL Wholesale China Online, pointing out that, “We will play a significant facilitative role in ensuring project is realised.”Dr Singh said that the Government at present has the opportunity available to help to catalyse the project “as is the case with the road.”He suggested that should the road be completed in a timely manner,Carlos Santana Indians Jersey, “Then we are willing to make interventions.”Head of National Industrial and Commercial Investments Limited (NICIL), Winston Brassington, who was also present at the press briefing, took the opportunity to stress that the more money that is injected into the overall project by Guyana will reduce the overall tariff that will have to be paid in the long run.He explained that the more money injected by the government will reduce the amount of money that will have to be paid back in interest and tariffs.“This is what we are looking at…the Government has said as part of the LCDS ( Low Carbon Development Strategy) that the development benefits that will come from LCDS monies will be channeled to projects like this so that we can lower the cost of electricity.”Brassington stressed, also, that if the roads are not built ahead of the substantive project,Wholesale NFL Jerseys, then when all of the money is committed the overall payments will be higher, given the fact that the contractor building the project would have had to incur that cost and as such, the Guyana Government would have to repay a higher amount.