Investment pact signed for $214M waste treatment facility at Coverden
An inside view of the facility at Coverden
Kaieteur News – The Guyana Office for Investment on Tuesday announced what it described as a groundbreaking $214 million investment in a state-of-the-art waste treatment facility at Coverden, East Bank Demerara.
The project, led by Professional Waste Solutions Inc. (PWSI), marks a significant milestone by a local investor, GO-INVEST said in a press release. The investment agreement was signed by Dr. Ashni Singh, Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, and handed over by Dr. Peter Ramsaroop, Guyana’s Chief Investment Officer and head of GO-INVEST.
The new facility will not only create over 40 jobs but will also set a new standard in environmental stewardship in the region, the release stated. “This innovative facility will utilise cutting-edge non-incinerator technology to process exploration and production (E&P) waste generated by the oil and gas industry and other sectors, converting it into reusable oil. A byproduct of this process, known as ‘slag,’ will be recycled for use in block-making, supporting the booming local construction industry. PWSI’s commitment to green projects
aligns seamlessly with Guyana’s broader Low Carbon Development Strategy (LCDS), emphasising the importance of sustainable and eco-friendly industrial solutions,” the press release noted.
Another section of the waste treatment plant at Coverden
Ramsaroop commented, “This investment is more than just a facility; it’s a testament to our dedication to sustainable development and our confidence in Guyana’s ability to lead in green technologies. Under the visionary leadership of President Dr. Irfaan Ali, we are paving the way for Guyana to exceed global environmental standards, positioning our country as a leader in eco-friendly industrial solutions. His commitment to a diversified, low-carbon economy inspires us to push the boundaries of what is possible, ensuring a sustainable and prosperous future for all Guyanese.”
Dr. Peter Ramsaroop, Guyana’s Chief Investment Officer and head of GO-INVEST hands over the signed investment agreement to Mahendra Jettoo, CEO of Professional Waste Solutions Inc.
Under the leadership of CEO Mahendra Jettoo, a well-known investor in Guyana’s forestry industry, PWSI is set to become a leader in solid waste management. The company has already secured a preliminary agreement with Guyana Power and Light Inc. to manage hazardous waste from their Garden of Eden power plant, further demonstrating its capability and ambition.
Importantly, PWSI is committed to supporting local businesses by sourcing goods, equipment, and services from local suppliers whenever possible, contributing to the growth of the national economy. “Our partnership with the government of Guyana demonstrate our commitment to a cleaner, more sustainable Guyana,” said Mahendra Jettoo, CEO of PWSI. “We are not just treating waste; we are transforming it into value, laying the groundwork for a brighter, more prosperous future for all Guyanese,” GO-INVEST said.
