THE National Industrial and Commercial Investments Limited (NICIL) has been able to mobilise USD$1.1B in investment for Guyana in 2020.
In a press release on Saturday, members of the Board of NICIL pointed out that the government holding company garnered the US$1.1B in investment value for the country for 2020, thus being the most active sector/agency within the country. They said further that NICIL is on the way to unleashing its full investment potential capacity.
According to the release, members of the Board said that the investments secured through a multitude of investment projects, payment of fees and other investment-related costs will help spur “significant economic growth and development” nationwide. This, they stressed, will continue to aid with significant national development.
“We have seen massive inflow of investment value coming and this was primarily possible through the prudent and excellent negotiations that were executed under our young and vibrant management team,” Board Director, Dr. Grantley Waldron, said.
The members of the board pointed out that since the appointment of Colvin Heath-London to hold the reins of NICIL two years ago, the CEO has been on a sustained push to lure lucrative investments into the country. “So far, he has been successful. …he has been able to attract some of the top investments that this country has seen in its history within this sector. Heath-London has, however, promised to increase the momentum since increasing numbers of local and international investors have signaled their intention to do business here,” the release said.
“The Board continues to be marvelled by the level of investments coming in, while we are impressed with the number of persons who seek to do business here,” members of the Board noted.
They said that NICIL continues to demonstrate that as the government’s holding company, that it is executing its agenda and mandate professionally, thus ensuring that Guyanese at all levels benefit significantly from the various levels of investments, as we are seeing various types of investments, which augur well for Guyana and Guyanese,” they added.
The members of the Board stressed that with investment value being pegged at USD$1.1B in less than one year, it will boost other sectors declaring, that it’s not oil and gas that is leading the economy. They related that it is unprecedented for NICIL or any other investment entity in Guyana, and so far, surpasses even oil and gas projected earnings.
They added that some 3000 plus jobs are being created, thus resulting in the general public having access to more money, which ultimately will redound in increased business among other sectors. Grantley said that much more is planned and NICIL will champion the cause of investments and social responsibility.
Meanwhile, Heath-London said that he remains humbled to be heading a diligent, committed and dedicated team that has been working assiduously to ensure that they secure significant, quality investments for the country. “The investors who have been expressing interest are not only foreigners, as we have Guyanese at home and abroad who also have interest and are serious about investing,” he said.
He continued: “There is no question or doubt that NICIL will be keeping the economic wheel of this country turning as it continues to ensure that Guyana garners significant economic investment. Some years ago, this would have been unheard of but thankfully, owing to a number of factors, investors are clamoring to come to Guyana and through NICIL we are ensuring that the right systems are put in place to receive their investments,” the NICIL head said.
He pointed out that among the revenues that NICIL has secured over the past year are the US$3M from Bosai; US$10.M from the Guyana Telephone and Telegraph Company (GT&T) and a significant amount from several other investors from deals to build hotels, condominiums, restaurants and the specialty hospital project among others.
“There are more investments that we will continue to generate through NICIL for this country and I can assure you that it will continue to increase tremendously,” Heath-London projected.