The Inter-American Development Bank (IDB) on Thursday approved a US$11.6 million loan for Guyana which will go towards a project designed to support the strengthening and sustainability of the energy sector here by contributing to the institutional development of oil and gas governance and cleaner energy sources for electricity generation.The specific objectives of the loan programme are first, to develop a management and planning framework for Guyana’s oil and gas sector; and second, to contribute towards the development of a policy framework so that Guyana may diversify its electricity generation matrix using cleaner or renewable sources.“Guyana’s new energy scenario, which will likely yield significant revenues for the Government, represents a transformative shift in Guyana’s development trajectory. It embodies a crucial and unprecedented opportunity for economic growth and sustainable development,” a statement from the IDB added.It was further stated that the conversion of short-term oil wealth into long-term, well-being hinges on the capacity of the Guyanese Government to adequately manage this new sector and enact productivity-enhancing reforms.The IDB said if handled well; it can boost the overall standard of living for the country. However, there is considerable work to be done so that Guyana can enjoy the benefits of its recent – and potential – oil and gas wealth.The institution also highlighted that too often resource-rich countries have become or remained poor as a result of inadequate resource management. Hence, there is an urgent need to improve the governance of Guyana’s oil and gas sector ahead of production in 2020.The agreed-upon policy commitments of the first tranche of the programme were geared towards establishing a department of energy within the Ministry of the Presidency to take over responsibilities related to the governance and development of Guyana’s oil and gas sector.The second commitment was to approve the department draft roadmap to develop Guyana’s oil and gas institutional framework, and; design of a model contract for future Production Sharing Agreements (PSA) by the department and presented to Guyana’s Ministry of the Presidency.Now that the second tranche has been disbursed, the Government will now have to ensure that the Department functions are placed in a manual establishing its organisational structure, budget and staff allocation, approved by the Ministry of the Presidency.Additionally, it was be tasked with establishing a set of protocols and mechanisms for contract management; and an oil and gas depletion policy designed by the Department and presented for approval to the Ministry of the Presidency.Finally, the programme will also aid Government with the development of a policy framework to diversify and promote the sustainability of Guyana’s electricity generation matrix.The loan is funded in two components totalling US$11.64 million. The first component will total US$5.82 million from the IDB’s ordinary capital; disburse within two years, with a grace period of five and a half years, and an interest rate.The second component will total US$5.82 million from the IDB’s concessional ordinary capital; disbursed within two years, with a grace period of 40 years, and 0.25 per cent interest rate. The executing agency will be the local Finance Ministry.
India’s top singles player Somdev Devvarnman was gracious in defeat giving credit to Belgian qualifier David Goffin who beat him in a first round of the Chennai Open on Wednesday.Somdev was shocked 2-6, 4-6 by the 20-year-old Goffin in the upset of the day. “Before I say anything, I’d like to say Goffin deserves a lot of credit. From my side, I don’t think I played very well,” he said.Somdev said he was surprised by his defeat because he was “hitting the ball really well in practice.” “I am very disappointed with my performance today and hopefully I’ll play better as the season progresses,” he said.Goffin on his part said,”My game was trying to be aggressive and reach the net. I tried to be aggressive in the court from the first moment until very end.” Asked how he managed to keep his focus towards the end of the game when the vocal crowd got behind Somdev, Goffin said, “These games are never easy to win. I tried to focus on my game till the last point and finish the match.”Somdev admitted that Goffin’s aggressive start to the game, in which the Belgian made the local favourite run all over the court and took a 4-0 lead, “unsettled” him. That unsettled me a bit. The first set wasn’t ideal for me,” Somdev said. But the Indian said he had not seen much of Goffin’s play before, though he did study videos of his matches.”I actually felt he was getting a bit tired. (And) there were a few times, I failed to capitalise on his errors.” The Indian said it was “back to the drawing board now” after this defeat. “It’s time to start playing well again (and) move up the rankings,” he said. Looking ahead to the Australian Open qualifiers, he said, “I have a whole week and so I can book my flight now.”advertisementAsked how he rated Goffin, Somdev said, “You go and see his results last year and he did really well towards the end (of the season). I don’t know what changes he’s made to his game, but as far as potential goes, a lot of people have potential, but you have to put the work in to realise it.””He’s young, talented, has a lot of work ahead of him and I wish him all the best,” he said.- With PTI inputs
Maxi Rodriguez celebrates after scoring in the penalty shootout against Netherlands Argentina reached the World Cup final on Wednesday after beating the Netherlands 4-2 in a penalty shootout. Goalkeeper Sergio Romero saved penalties by Ron Vlaar and Wesley Sneijder to give Argentina the win after the game finished 0-0 following extra time. Maxi Rodriguez put away the winning spot kick.Argentina will play Germany in Sunday’s final at the Maracana Stadium in Rio de Janeiro.Team Lineups(from):Netherlands: Jasper Cillessen; Ron Vlaar, Stefan De Vrij, Bruno Martins Indi (Daryl Janmaat, 46th), Daley Blind; Georginio Wijnaldum, Wesley Sneijder, Nigel De Jong (Jordy Clasie, 62nd); Dirk Kuyt, Arjen Robben, Robin Van Persie (Klaas-Jan Huntelaar, 96th)Argentina: Sergio Romero; Pablo Zabaleta, Martin Demichelis, Ezequiel Garay, Marcos Rojo; Lucas Biglia, Javier Mascherano, Enzo Perez (Rodrigo Palacio, 81st); Gonzalo Higuain (Sergio Aguero, 82nd), Lionel Messi, Ezequiel Lavezzi (Maxi Rodriguez, 101st)
Atletico Madrid’s 3-0 loss to rivals Real Madrid in the first leg of their Champions League semi-final on Tuesday was just a continuation of results that have blighted the team for almost 60 years.Real’s victory at the Santiago Bernabeu means they are poised to knock Atletico out of the competition for the fourth successive year.Two of those defeats came in the 2014 and 2016 finals in Lisbon and Milan respectively, the other a quarter-final elimination in 2015, but perhaps the most disappointing aspect of Tuesday’s result was that it was fully deserved.Madrid dominated from start to finish with Cristiano Ronaldo scoring a hat-trick, while Atletico only created two real chances in the first half, and wasted both.The loss was a continuation of results Atletico have suffered in continental competition against Madrid since the European Cup semi-final in 1959 despite coach Diego Simeone’s reign bringing more balance to the rivalry.The Argentine, however, has not given up on his team’s chances yet.”We will try and take the chance we have, no matter how small it is,” Simeone told reporters. “I feel relaxed, more than anything else, more than ever.”We will try for something impossible, as we are Atletico Madrid, we are capable of doing it.”Despite the coach’s words of hope, elimination seems an inevitability.A pre-match banner caused some consternation at Atletico according to reports in Spain, as Madrid fans created a display which read ‘tell me how it feels’, with references to Milan and Lisbon.Over 4,000 Atletico fans attended the game and they remained for over 15 minutes after the final whistle, singing about never giving up on their team.advertisementUnfortunately their team had given up on them by the 73rd minute of the first leg, conceding Ronaldo’s second goal before he completed his hat-trick four minutes from the end, leaving themselves little hope of a comeback next week.