In 2016, Germany and Guyana celebrated 50 years of friendly relations. A bilateral investment protection and promotion agreement has been in place since 1994. The Federal Republic of Germany has contributed to Guyana’s economic recovery through debt cancellation.
In development cooperation, Germany funds resource management and tropical forest preservation projects in Guyana. Through agreements between Germany and the Caribbean Community (CARICOM), Guyana is also indirectly involved in cooperation on sustainable economic development, the promotion of renewable energy and climate change adaptation. In addition, Germany provides assistance in the region through micro-projects.
Other cooperation and trade accords exist within the framework of the agreements between the European Union and the ACP (Africa, Caribbean, Pacific) states as well as between the EU and CARIFORUM (CARICOM member states plus the Dominican Republic). The further development of trade relations with the EU is being followed closely in Guyana and in the entire region against the background of the ongoing negotiations on the EU’s new partnership agreement with the states of Africa, the Pacific and the Caribbean (Post-Cotonou Agreement).
With the start of exports from the extensive oil fields off its coast, Guyana expects to chalk up economic growth of over 50 percent in 2020. However, it also remains committed to achieving an energy transition at home, with the aim still being to meet its own energy needs entirely with hydro, solar and biomass power.
After the Government lost a vote of confidence in December 2018, new elections were held on 2 March 2020. Following a planned recount supervised by an expert commission from the regional association CARICOM and various legal proceedings, the final result was not announced until early August 2020. The new Government led by President Ali took office later that month.