... the returns on funds provided were set at the exorbitant and usurious rates of 19 per cent for Sithe Global, 9.5 per cent for the IDB and 8.5 per cent for China Bank. All these would have been passed to the taxpayers through Winston Brassington’s Amaila Falls Hydro Electric Project (AFHEP) “These rates are unprecedented in international transactions and altogether constitute over US$1.2B in interest payment alone, all payable in foreign currency, against which the rate of the Guyana Dollar continues to depreciate.” The same loan would normally have been made to the Guyana Government at a rate of interest of no more than two per cent.
Posted on: Sat, 31 Aug 2013 14:24:13 +0000
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