– President Ramotar as he commissions Republic Bank’s D’Edward branch

EVERY region continues to see positive investments which are indicative of the fact that Guyana’s economy is stable for investment.

These are the sentiments expressed by President Donald Ramotar as he declared open a new Republic Bank branch at D’Edward Village, West Coast Berbice.
The Head of State joined with Managing Director of Republic Bank Limited, John Alves, and Member of the Board of Directors, Derwin Howell, Finance Minister, Dr. Ashni Singh and other officials for the symbolic opening.
In his address, President Ramotar noted that it is with pleasure he welcomes the initiative as it symbolises confidence being shown in the economy.
On a daily basis, foreign investors continue to show their confidence in the local economy, the President stated, and the opening of this latest facility which seeks to improve financial services for the people of Region 5, speaks volumes.
“This shows the growing confidence in Guyana. This bank is probably the number one private financial institution in the Caribbean, and the fact that they are expanding away from the capital city speaks volumes for the prospect in the economy, and it is coming at a time when there is talk of no confidence.”

The Head of State noted too that while the establishment will be improving financial services in the region, it will also offer young entrepreneurs new business ideas, and it has created, and will continue to create employment opportunities.
“Now each region is benefiting from these services, it offers new possibilities for small and medium scale businesses, I know I don’t have to give bankers advice, but I just hope that they will appreciate the peculiarities and help to facilitate and make it easier for young businesses to access financial services.”
Very often, the President noted, persons have very good business ideas, but would do better with sound financial and investment advice. To this end, he implored the bankers to assist persons in this area as it will assist greatly in creating and sustaining possible investments.
The President took the time to encourage those who will be utilising the services of the bank to see this investment as a stimulant for more production in the region.
“I hope that it will stimulate productivity also in the way that it will make way for expansion and stimulate businesses in this region as a whole.”
However, it was noted that these kinds of investments could not have been facilitated had it not been for the prudent management of the local economy by the current Administration.
“I want to also say that the confidence that has been reposed in our economy should not be taken for granted, because we have had to work very hard to bring this situation about, where we are attracting investments in the economy and creating the confidence in people.”
In past years, the President noted, Guyanese were going abroad to invest and seek business opportunities; however that has changed, thanks to the sound policies and good foresight of the Administration.
The Head of State called on citizens for their support in ensuring that Guyana stays along the current growth path, as there are some factions that are bent on derailing the economy.
“All this could be lost if the right choices are not made. For example, the Anti Money Laundering Bill, this is extremely important and vital to our financial sector; if we are blacklisted it can throw us a far way back.”
The President spoke of the combined Opposition’s non-support for the bill which, if not passed, can suggest Guyana’s non-compliance to international financial regulations.
“It’s hypocritical to speak about fighting corruption and fighting against the drug trade and try to hold this bill hostage. It is totally illogical and insincere, when they know the damage it can cause to our country, and the financial sector which is so important in any economy.”
However, he stated that every effort will be made by the Administration to protect and preserve the local economy and the financial sector.
While there continues to be significant achievements in the financial sector, every other sector has been making significant strides as the Government ensures equal investments.

He however noted that special emphasis is being placed on the social sector and more directly, the education sector, as it is the Administration’s belief that developing the human capital is one sure way out of poverty and other social ills.
“We have very talented people and we have been investing more and more in people and in the human capital. If you want to compare our budget in 1992, we had only eight percent going to the social sector; today with a larger budget, more than 30 percent is going to the social sector.”
To this end, the President lauded Republic Bank Limited for such an investment as he noted it will aid in creating a better business environment for persons in that region.
Meanwhile Member of the Board of Directors, Derwin Howell, in his remarks, noted that the opening of the branch is significant for the company, as it solidifies their vision to strengthen relations with the Region 5 communities.
“Our journey in the West Berbice commenced 16 years ago; and as we grew, so did our keenness to provide our customers and staff with an environment that parallels the standard of excellence we have set ourselves”
Howell noted that it is this vision that continues to guide the bank’s strategic focus for expansion, upgrade and innovation.
He added that customer service has defined the bank’s corporate character and differentiated the company for more than 17 decades of providing services in Guyana.
“We are focused in our daily actions and interactions, on creating and sustaining the kind of relations that endure and generate trust across the communities we serve.”
Howell further noted that the opening of the facility symbolises the company having achieved its objective as customers can expect an enhanced banking experience, delivered in a superior physical environment.
Meanwhile, the new facility opened its doors for business on October 8 last, after construction to the 9000-square foot structure was completed on September 12, 2014, at a cost of $508 M.
Some of the services being offered at the facility include online banking, tele-banking, in-branch point of sale withdrawal, ATM services and night deposit facility.
Republic Bank Guyana Limited has a banking history locally, dating back to 1836 with British Guiana Bank.
It was the first commercial bank to start business in the colony of British Guiana, the first indigenous commercial bank and the first bank owned by the indigenous private sector.