Guyana's economy depends on commodity exports such as gold, diamonds and bauxite, sugar, rice, fish and other non-traditional agricultural products. The economy is vulnerable to fluctuations in both levels of sugar production and commodity prices. Environmental management is one of Guyana's key priorities. The impact of climate change is already being felt. Rising sea levels affect coastal areas where most of the economic activity takes place.
Our main partnership agreements with Guyana include the Cotonou Agreement, and the CARIFORUM-EU Economic Partnership Agreement (EPA). Our support is currently provided under the 11th European Development Fund (EDF) National Indicative Programme (NIP) for 2014-2020. The priorities include:
- Enhancing Guyana's protection against sea damage through sea defences and integrated coastal management, with benefits to the population and economic activity in low-lying parts of the coastal regions.
- Improving Guyana's upper stream catchment areas management to strengthen flood control and prevention capacities, through new dams, embankments and drainage canals to strengthen the cost recovery system for rehabilitation and maintenance.
The current programming period (2014-2020) for the 11th EDF allocated €34 million to continue supporting Guyana's climate change adaptation capacity through strengthening key infrastructures for sea defences and flood prevention, while ensuring adequate river and coastal management. This will benefit the population and economic activity in low-lying parts of the coastal regions.
As a member of the Caribbean Community (CARICOM) and the Forum of the Caribbean Group of African, Caribbean and Pacific States (CARIFORUM), Guyana benefits from regional programmes funded under the Caribbean Regional Indicative Programmes.
Guyana is also a signatory of the EU-Caribbean Economic Partnership Agreement (EPA), a comprehensive free trade agreement with a strong focus on development.