Happy Monday!

This week we cover the Guyana-Surinamese bridge construction and opposition within the country. We also cover an increase in electricity use in the country and a burgeoning transition to a greener economy.

Building of the Corantijn River Bridge from Suriname to Guyana

• Plans are underway to build a bridge connecting Suriname and Guyana by the end of the year.

• The countries are engaging in discussions to choose between two companies for the project, Ballast Nedam and China Road and Bridge Corporation as the builder.

• The countries state that the bridge is part of a broader initiative, aiming to integrate South American economies better.

• Minister of Foreign Affairs, International Business and International Cooperation, Albert Ramdin emphasized the regional benefits of the bridge, stating that it will enhance trade, tourism, passenger traffic, investments, and cooperation.

• He clarified that the bridge project requires collaboration between the two countries and is part of a larger South American infrastructure project.

• Ramdin highlighted the need for agreements on various aspects of bridge management and emphasized the importance of joint construction as part of regional development efforts.

• The project has received criticism as the entire Corantijn River is part of Suriname, however, the government states that cooperation is necessary for further progress.

• The deal and the handling of the President’s negotiation have received criticism from the opposition, the NDP (National Democratic Party) who have asked why the President continues to travel to Guyana while the river is wholly in Surinamese land.

• The opposition demands transparency on the private companies involved in the deal. How much income will Suriname receive from the construction of the bridge? And pressingly, the role of oil giants in Guyana and their impact on the bridge’s construction.

Increasing Electricity use in the country.

• The use of electricity in Suriname has increased by 11 percent recently, but the Afobaka hydroelectric dam can't generate enough power due to the continuing drought in the country.

• As a result, the government needs to buy fuel to maintain the electricity supply, raising concerns about shortages.

• At the same time, the government is continuing to reduce electricity subsidies, in line with IMF requirements, and aims to decrease the subsidy to the EBS (Energy Companies of Suriname) from SRD 4.5 billion to 2.4 billion by year-end.

• But the drought is straining the country's finances which is making savings difficult. The Minister of Finance and Planning Stanley Raghoebarsing emphasizes energy conservation and expansion of EBS's capacity.

• At the same time, many state-owned companies continue to remain indebted to the EBS. Around 48 government and quasi-governmental companies owe EBS over SRD 600 million.

• The government intends to pay its bills gradually while addressing other priorities, highlighting the importance of this issue for both EBS and the state apparatus.

Investments in renewable energy

• China’s state-owned Power China has expressed interest in investing in Suriname's alternative energy development, aiming to contribute to a greener economy and lower energy costs.

• This is necessary for Suriname as it continues to invest heavily in oil and gas exploration on its coast.

• They presented two projects to President Santokhi: upgrading the Afobaka hydropower station and establishing a solar power plant.

• The solar power plant would assist in providing the districts in the country with more stable access to energy.

• President Santokhi sees these projects as aligning with Suriname's transition to renewable energy. As he has stated the company has a massive amount of land that can be used to facilitate its green transition.