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Guyana to buy new ferry with $18M from India's Exim Bank

Associated Press Associated Press 10/11/2016

GEORGETOWN, Guyana — The South American country of Guyana says it plans to use $18 million from India's Exim Bank to buy a new, safer coastal ferry.

Public Infrastructure Minister David Patterson says $10 million will be treated as a loan and the remaining $8 million as a grant.

He said Thursday that the ferry will travel what he called a "treacherous" 24-hour route between the capital of Georgetown and Guyana's northernmost region near Venezuela.

Hundreds of people currently use outdated ferries that serve that route because it is cheaper than air transportation.

The government of India loaned Guyana $25 million more than a decade ago to build a stadium.

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