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. IDB was asking for higher rate of return than China. Govt. deceptively kept information from public – RamjattanWhile the Inter American Development Bank (IDB) would normally make loans available to Guyana and other countries at concessional rates in the vicinity of one or two per cent,Cheap Wholesale Jerseys, the loan to the Amaila Falls Hydro Electric Project was set at a whopping 9.5 per cent.This would mean that the IDB’s loan was being made at a higher interest rate than that of the Chinese Exim Bank, which the opposition and some sections of civil society had already labeled ‘prohibitively high.’Khemraj Ramjattan – AFC LeaderThe China Exim Bank was asking for 8.5 per cent on for its US500M that it had promised to lend for the Amaila Hydro Electric Project, while the IDB was asking for 9.5 per cent.This was confirmed this past weekend by Winston Brassington, who served as Guyana’s lead negotiator for the project.One analyst explained that the reason the IDB was asking for such a high rate of return is because it was for a private company,Cheap NFL Jerseys Authentic, Amaila Falls Hydro Inc, and not a government that would normally receive concessionary rates.Leader of the Alliance for Change (AFC), Khemraj Ramjattan when contacted for a comment on the IDB rate of return for its US$100M said that it was shocking and even more prohibitive than the Chinese loan.The AFC Leader had met with the Chinese Ambassador in a bid to query the ‘prohibitive’ 8.5 per cent it was asking for.The AFC Leader yesterday said too that the revelation that the IDB was asking for 9.5 per cent has illustrated the deceptive nature of Government given that all along, stakeholders were of the impression that the loan was at a concessionary rate of 1.5 per cent.“They (Government) should have come out and clarified this,” said Ramjattan,Cheap NFL Jerseys, as he asserted that government knew that stakeholders were operating on the notion that the IDB loan was at a concessionary rate.He further stated that had government come out and explained that the IDB was asking for 9.5 per cent, then there would have been a better understanding in the public as to why the project was costing this much.He lamented that the confusion surrounding the project could have been avoided, had the government made public the various financial arrangements.The Confidential Project Document,Jerseys Cheap NFL, which had to be leaked to this publication, has revealed the money to be expended for the hydro project is in excess of US1B, as against the US858M that government had been touting.That document revealed that while the government had said it would only be putting US$100M to the project,Cheap NFL Jerseys, it had in fact committed US$157M to the hydro project.That document also revealed that the Guyana Power and Light Company would have had to deposit in an ‘Amaila Debt Reserve Account,Cheap NFL Jerseys Wholesale,’ US$36M in order to ensure payments to Amaila.The power company, in order to prepare for the electricity from Amaila, would have also had to spend more than US$90M in capital works, in order to be ‘hydro-ready’