Britain positions exporters to tap Guyana’s oil-driven expansion

Britain is positioning its exporters and financing institutions to capture more business from Guyana’s rapidly expanding economy, as oil-driven growth creates new demand for equipment, technology and specialised services.

British High Commissioner to Guyana Joseph Fisher Wednesday said bilateral trade between the two countries is on an upward trajectory, while describing Guyana as the United Kingdom’s largest trading partner in the Commonwealth Caribbean by a substantial margin.

His comments came as the British High Commission and UK Export Finance (UKEF) brought local businesses together in Georgetown to explore ways of accessing UK-backed financing for the purchase of equipment, technology, goods and services.

The push comes as Guyana’s economic transformation, driven by its rapidly expanding oil industry, is creating opportunities well beyond crude production—from infrastructure and logistics to energy, manufacturing, mining and technology.

Fisher said the strengthening trade relationship comes as Guyana and Britain mark 60 years of diplomatic relations.

The High Commissioner pointed to the growing commercial relationship between the two countries, with Guyana emerging as an increasingly important market for British companies.

For Britain, the opportunity is not limited to selling consumer goods.

Guyana’s oil and gas expansion has created demand for sophisticated equipment, engineering, technical services, infrastructure and technology, while investment is also accelerating in sectors such as mining, agriculture, transportation and renewable energy.

The UKEF financing programme is designed to help British exporters compete for some of that business.

At Wednesday’s private-sector workshop, Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, encouraged Guyanese companies to explore the £3 billion UKEF financing support available for Guyana.

The financing envelope was increased in October 2025, and Singh said the overwhelming majority remains available.

But the money is not simply a pool of funds that Guyanese companies can draw down for any project.

Instead, UKEF can support financing for purchases involving eligible UK goods and services, including through guarantees that strengthen commercial bank lending.

The agency told businesses that financing can be arranged in more than 60 currencies, including US dollars, pounds sterling and euros.

Under the financing arrangements discussed at the workshop, UKEF can provide guarantees covering up to 85 per cent of a contract, with financing typically ranging from £1 million to £30 million for the facilities highlighted.

At least 20 per cent of the goods and services must be sourced from UK businesses, creating a direct incentive for Guyanese companies to consider British suppliers when making major investments.

Guyana’s oil industry is now generating an economic ecosystem that extends far beyond the FPSOs producing crude offshore.

As production expands, businesses are investing in logistics, marine services, engineering, construction, industrial equipment, digital systems and other support services.

The same financing mechanism could potentially assist companies purchasing eligible UK equipment or services for projects linked to these expanding industries, provided they meet UKEF’s requirements.

Mining is another potential area of interest as Guyana seeks to modernise its extractive sector and expand production beyond oil.

UKEF also has financing products specifically covering critical-minerals projects, including mining, processing, manufacturing and recycling, subject to eligibility requirements and qualifying UK involvement.

That does not mean Guyanese oil or mining companies automatically qualify for UKEF support. But it does widen the potential financing routes available to businesses looking to make major capital investments involving British suppliers.

Singh said the UKEF opportunity comes against a backdrop of rapidly increasing demand for financing inside Guyana.

Private-sector credit more than doubled between the end of 2020 and the end of 2025, according to figures cited by the Finance Minister.

At the same time, non-performing loans fell from 10.8 per cent in 2020 to 1.3 per cent in 2025, which Singh said demonstrated the strength of demand from projects that are considered bankable.

He encouraged local banks to adopt more accommodating lending positions while maintaining prudent standards, but also urged businesses to look beyond domestic financing.

Foreign financing is already becoming a larger part of Guyana’s investment landscape.

Singh said cumulative financing from IDB Invest had increased from less than US$10 million in 2020 to more than US$260 million, with the institution approving its largest-ever domestic transaction in Guyana on Tuesday.

The message from the UK is therefore increasingly commercial: as Guyana's economy expands, British companies want to be positioned to supply some of the equipment, technology and services required to build it.

The UKEF facility gives those companies an additional competitive tool by helping potential buyers secure financing for eligible UK purchases.

For Guyanese businesses, the opportunity is different but complementary—access to financing that could make large purchases of British equipment and services more achievable.