Guyana’s long-anticipated Development Bank could become operational within weeks, says the country’s President Dr. Irfaan Ali.
Speaking at a press conference on Tuesday, the Guyanese Leader said the government is now assembling the bank’s board and operational structure, with staffing expected to follow.
“In terms of the Development Bank, we are right now putting together the board, putting together the structure, and hoping to operationalise within the coming weeks,” Ali said.
The President said the bank is expected to work alongside commercial banks, with discussions underway on the possibility of establishing desks in commercial banks and using regional facilitators to connect interested persons to the Development Bank.
The move is expected to be closely watched by businesses and investors, particularly as Guyana’s economy continues to expand rapidly and demand grows for financing beyond traditional banking channels.
Ali said the Development Bank will also support the creation of business clusters, giving small operators an opportunity to pool resources and build larger, more efficient enterprises.
Using poultry farming as an example, the President said 50 persons each rearing 100 chickens could come together to establish a tunnel house, creating a more organised business ecosystem.
According to Ali, that type of cluster model could help reduce complaints in communities while improving business conditions, lowering mortality rates and increasing returns for small producers.
The President said sensitisation work has already started and public interest has been strong.
“In relation to the Development Bank, we have started the sensitisation, and I must say the response has been overwhelming,” Ali said, adding that many persons are interested in being part of the initiative.
Ali also linked the Development Bank to wider community and business issues, including noise nuisance. He said once the bank comes on stream, one possible area of support could be helping existing bars and nightclubs invest in soundproofing materials so that businesses can operate while reducing disruption to residents.
Once operational, the bank will offer Guyanese up to $3 million interest-free loans.
