Guyana’s Minister of Parliamentary Affairs and Governance, Gail Teixeira, believes that the establishment of the Guyana Development Bank will play a critical role in expanding economic opportunities, reducing poverty, and creating a more equitable society.
Speaking during the Start Point Podcast, Teixeira highlighted the importance of improving access to financing, particularly for vulnerable groups and small entrepreneurs who often struggle to obtain loans from traditional commercial banks.
According to the minister, initiatives such as zero-interest or low-interest loans, supported through the bank, could help many Guyanese move out of poverty and participate more actively in the economy.
“One of the key interventions is access to either zero interest rates, particularly for those who are poor and vulnerable, or low-interest loans,” Teixeira said, noting that easier access to financing can transform the lives of ordinary citizens.
Last year, the country’s President, Dr. Irfaan Ali, announced the zero-interest bank. Small and Medium Enterprises (SMEs) will be able to access up to $10 million in zero-collateral loans through the initiative.
Teixeira explained that while governments provide social protection in various forms, expanding access to affordable credit remains one of the most effective tools for empowering individuals and creating a more inclusive economy.
Teixeira noted that programmes designed to improve access to the banking system, along with the introduction of a development bank, could significantly expand economic mobility.
“Access to the commercial banking system in a much easier way, and again a development bank in terms of free or zero interest, these are critical areas to bring people out of poverty and to make a much more equitable society,” she said.
