Guyana’s Transformation: Caribbean’s Fastest-Growing Economy Revolutionizes

The world’s fastest-growing economy, Guyana is undergoing a remarkable transformation, driven by its burgeoning oil industry. This newfound wealth is not only fueling significant investments in massive infrastructure projects but also sparking a development renaissance across the nation. From groundbreaking oil discoveries to transformative mega-projects, we’re diving into the dynamic changes that are thrusting this Caribbean jewel into the global limelight. In today’s video, we’ll explore the incredible journey of Guyana, evolving into a beacon of progress and opportunity, and witness how it’s reshaping its landscape to carve out a prosperous future.

This country is actively working to establish itself as a global leader in energy, agriculture, climate action, environmental, ecological, and biodiversity services.  

These megaprojects cover a wide range of initiatives from transformative infrastructure projects to groundbreaking developments that will shape the future of Guyana. From groundbreaking infrastructure to initiatives aimed at improving transportation, energy, and urbanization, these projects exemplify to be on this pursuit of progress. 

Here are 10 Mega Projects Being Undertaken In Guyana currently!

#10: Series of Oil and Gas Projects

We have to start our list off with what is powering the remarkable transformation in the Guyanese economy, and that is none other than a series of Oil and Gas Projects along its coasts. In 2015, ExxonMobil made a significant oil discovery in the offshore Stabroek Block, which is estimated to hold more than 11 billion barrels of oil. Since then, subsequent discoveries by ExxonMobil and its partners, including Hess Corporation and CNOOC Limited, have confirmed Guyana is set to become a major player in the global oil and gas industry.

This has led to a series of explorations with the rapid development of the Liza Phase 1 project in December 2019, just four years after the initial discovery. Production quickly ramped up, surpassing initial expectations. Subsequent phases of development are continuing with the current ones being Liza Phase 2 and Payara. The Payara Field has just started production in November 2023 and has now brought the production capacity to the Stabroek Block to 620,000 barrels per day. 

Two further production megaprojects are currently underway with the fourth and largest development called Yellowtail with the first oil expected in 2025. Yellowtail will add another 250,000 gross barrels of oil per day and Uaru, the fifth development scheduled for 2026 to add another 250,000. 

#9: Kumu and Moco Moco Hydropower Plants 

Guyana is set to increase its energy independence through the construction of not just one, but two Hydropower Plans in Region Nine of the Upper Takutu and Upper Essequibo areas. The two projects will see the construction of a new 1.5-megawatt hydropower plant at Kumu and upgrades to a defunct Moco Moco hydropower plant to increase its capacity to 0.7 megawatts. Both projects will increase access to electricity for the population in Lethem and nearby communities.

As of April 2023, works on the US$12.8 million Kumu and Moco Moco hydropower plants were progressing smoothly with the country’s Prime Minister stating that the projects were set to transform Region Nine’s energy landscape in accordance with Guyana’s Low Carbon Development Strategy. In addition to this, the Guyana Energy Agency has been selected to design, install, and manage a 17-kilometer transmission line and communication infrastructure to connect Kumu and Moco Moco hydropower plant to the Lethem Power Company Grid, further modernizing the country’s electrical infrastructure. 

#8: East Bank Demerara Road Improvement Project

Which as it sounds is a rehabilitation of 23.5 kilometers of the highway, with a boundary from the capital Georgetown to the East Bank Demerara. The rehabilitation of the road includes widening to cater to pedestrians and cyclists, landscaping and curb improvements, rehabilitation of drainage, and retrofitting of bridges and culverts, among other upgrades. 

The project has become an important one, given the number of vehicles that traverse that corridor on a daily basis. As of December 2023, two Chinese-owned companies are the only bidders vying to undertake the repair works on the East Bank of Demerara (EBD) corridor from Good Success to Timehri, a project being funded through a loan from the Inter-American Development Bank (IDB) and Guyana to the tune of US$117 million. The road would provide a much-needed connection between Georgetown and Demiris East Bank, a key commercial powerhouse.

#7: A New Demerara River Bridge

Next up on our list, is the construction of a major bridge across the country’s signature the Demerara River. The new Demerara River Bridge will connect Region Three with the Capital City, with the main cable staying part of the bridge being approximately 570 meters long, while the approach of the bridge is 2.4 kilometers in length. With a design speed of 80 kilometers per hour, the bridge will significantly reduce travel time and enhance accessibility between the two halves of the capital Georgetown. 

Works were 27% completed back in October 2023 with preparatory works commenced on the first high-span, four-lane permanent hybrid concrete and cable-stained structure. Currently, construction is advancing through the piling stage, with approximately 38% of this phase already completed. The contractor for the bridge, China Railway Construction Corporation is expected to hand over the completed structure in late 2024. 

#6: Linden to Mabura Highway

Next up on our list, we have another major road upgrade between Linden to the North and Mabura to the South. Intending to fundamentally alter hinterland logistics, the government of Guyana is making rapid progress in transforming the current Linden to Mabura road into a much-improved highway. Currently, more than 2,800 meters of drains have been completed, as well as 19,000 meters of cement-stabilized sub-base and 16 kilometers of asphalt laid. Upgrades have also begun on the Wismar Bridge, which is a part of the highway and will provide direct linkage to the Linden to Mabura corridor. 

The road is part of a strategic plan to ensure connectivity, linking the coastline with the hinterland of Guyana and more specifically, increasing the connectivity between Guyana and Brazil, which will open up new areas of trade and economic activity in northern Brazil. It will also be a link to the deep-water harbour Georgetown where goods can be exported out of Northern Brazil. 

#5: East Coast Railway Embankment Expansion

Our next project is another transportation infrastructure improvement project, but this time for both road and rail. The government of Guyana has contracted to expand the East Coast Demerara railway embankment into a new four-lane road, which is expected to offer further relief to commuters during traffic congestion.

The US$184 million road and rail improvement will stretch from Sheriff Street in the city to Mahaica, East Coast Demerara, and is expected to be completed in two and a half years. This expansion is part of several road expansion projects to improve traffic flow into and out of the capital city, Georgetown. The railway embankment has served as an alternate carriageway for commuters for years and its improvement is expected to both improve rail and car service throughout the city. 

#4: Guyana Housing Projects

The Government of Guyana is pumping billions of dollars to develop housing infrastructure across the country. The Department of Public Information reports that infrastructural works are ongoing in Region Five to the tune of $3.5 billion and an additional $4 billion has been exhausted to develop housing schemes in Mahaica-Berbice, including roads, drainage, electricity, and water. 

Additionally, there are ongoing infrastructure works in Region Six to the tune of $9.2 billion, for which contracts have already been signed. Infrastructural works are ongoing at Shieldstown to the tune of $2 billion, another $820 million is being invested in Burma, while $621 million and $500 million are being spent at Balthyock and Experiment, respectively according to the Minister of Housing and Water Collin Croal. 

The government is working with private developers to build new homes in urban and rural areas to facilitate the country’s growth. Different housing projects will also be developed including family homes, apartments and townhouses. The government is also providing financial assistance to Guyanese citizens who want to purchase. 

#3: Improvements in Healthcare Infrastructure

Similarly to housing, the country is investing massively to improve its health infrastructure and upgrade a series of healthcare facilities around the country. The government established the SMART Health Care Facilities Caribbean Project with its latest upgrade being completed at the rural Paramakatoi Health Centre. 

This remote SMART facility is the final healthcare facility in Guyana retrofitted to become safer, greener, and more resilient to natural disasters and climate change. The four other health facilities, Diamond Diagnostic Centre, the Lethem Regional Hospital, the Leonora Cottage Hospital, and the Mabaruma District Hospital, were done in late 2022 into 2023. The new Health Centres have new safety measures, contingency provisions, and green technology to provide the community with a much-improved patient experience and service.

In addition to these rural health centers, the country is also investing in its urban healthcare infrastructure with the groundbreaking of a $161 million state-of-the-art New Amsterdam Hospital in Region Six which started in January 2024. 

#2: Corentyne River Bridge between Guyana and Suriname

Next up on our list, we have a project that will connect two countries and is aimed at improving transportation between two CARICOM neighbors. In November 2020, the South American neighbors signed a Memorandum of Understanding (MoU) for the construction of a high-span bridge over the Corentyne River linking the countries of Guyana and Suriname together and in 2022, they signed an agreement to conduct a feasibility study and design of the Corentyne River Bridge.

Now talks have advanced further with two international companies having submitted bids to the Guyana National Procurement and Tender and Administration Board to build the bridge. Upon completion, the bridge is expected to cater to ships of 47,000 tons with a vertical clearance of 43 meters and have a lifespan of 100 years.

#1: Expansion and Upgrades of the Guyana International Airport 

And finally, we have the largest construction project currently in Guyana and that is the expansion of the Guyana International Airport. The Cheddi Jagan International Airport (CJIA) is set for another upgrade to its services after major works were completed after almost a decade of construction. China Harbour and Engineering Corporation (CHEC) has undertaken the task of constructing a superstructure, building a curtain wall, and constructing two boarding corridors to accommodate type D and E aircraft completed in 2022, but a new further upgrade is expected. The new airport’s capacity has now expanded from its previous capacity of 1.5 million passengers to 4.5 million passengers per year. 

The Government of Guyana is now tendering to replace the asphaltic concrete pavement for the Cheddi Jagan International Airport apron. This new project is estimated to cost some $612 million, with the Ministry of Public Works is in charge of this project stating this is part of its continued plans to modernise the renovated airport. 

The expansion of Guyana International Airport is a significant economic development project in the country. The new airport will assist Guyana in attracting more tourists and businesses, thereby boosting the country’s economy. Thousands of jobs will be created not only during this expansion process but also as the economy begins to grow from the expected increase in tourism. 

A Profound Shift 

The multitude of mega-projects underway in Guyana signals a profound shift in the country’s economic landscape and its place in the global arena. Fueled by the transformative impact of oil and gas exploration, the country has found itself in the fiscal space to undertake ambitious initiatives in renewable energy, infrastructure development, transportation upgrades, and beyond. As the second fastest-growing economy in 2023, with a growth rate of 38.4%, Guyana is finding a way to spread its oil and gas growth to the rest of the country. 

However, as Guyana embarks on this journey of development, it must navigate numerous challenges, including environmental sustainability, social inclusion, and governance. The responsible management of its oil and gas resources is also paramount to ensure the country has a sustained economic development trajectory. Additionally, the country has faced criticism for its environmental position and the reliance on Chinese-based companies to conduct much of the work done in the country. 

But by embracing the opportunities and addressing the challenges presented by these mega-projects, Guyana has the potential to emerge as a shining example of sustainable development in the 21st century. By balancing economic growth with social and environmental considerations, Guyana can chart a course toward a future that is prosperous, resilient, and inclusive for generations to come.

What do you think about Guyana’s rapid transformation and its mega-projects? 

How do you see these developments impacting the future of the Caribbean region? Share your thoughts and join the conversation in the comments below!

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Caribbean Focus by J-irie