…facilitated 78,000 loans, benefited 30,000 businesses
CHAIRMAN of the Institute of Private Enterprise Development (IPED) Mr. Yesu Persaud has said the performance of the institution for the last year has been outstanding, despite the many challenges confronted and overcome by the entrepreneurs.
This, he said, is evident in the fact that over the last 25 years the Institute has facilitated 78,000 loans that have benefited 30,000 businesses with a total disbursement of $16.7B.
Over the last year, the Chairman said, the institute continued to play an important role in the development of the micro and small business sectors in the country.
“In the year 2010, the institute financed a total of 5,449 loans, valued at $1, 937M, which in turn has sustained and created 10,140 jobs,” he explained.
Dr. Persaud made these disclosures at IPED’s 25th Annual General Meeting and Anniversary celebration on Monday at the Pegasus Hotel, Kingston, Georgetown.
In addition, the Chairman noted that the global economy has grown by more than 4 percent in 2010, while Guyana’s economy grew by 3.6 percent, a growth he attributed to several factors, including gold, forestry, construction, wholesale and retail trade.
The institute made a surplus of $162M against a surplus of $113M in the preceding year, and Persaud said the main reason for this was reversal of past losses of more than $44M previously written off as bad debts.
He noted that since its inception, IPED has been able to train and fund thousands of small and micro entrepreneurs, many of whom were able to transform their lives from the poorest of the poor to become productive members of society.
Persaud also lauded the staff of the institution for their commitment and contributions over the last year towards the continued success of the institution.
As to the impact of the works of the institution, he said, “Yes, indeed, we have come a long way, and I am proud of how far we have come, and proud of the number of people we have helped,”
Continuing, Dr.Persaud explained that over the years, IPED has received a tremendous amount of support from agencies, including the Pan American development Foundation (PADF), Foundation for International Training (FIT), CIDA, USAID, CARICOM and other institutions.
“In addition to these and other institutions, we also received help from the government and private sector of Guyana and we still enjoy the support of these agencies; and I am sure that they are all proud of how successful IPED is today; we extend a great thank you to all of them,” the Chairman said.
Prime Minister, Samuel Hinds, in his address, commended Dr. Persaud “for boldly taking the lead in 1986” and to those individuals involved in building IPED over the years.
He recalled the level of enthusiasm which was generated by the institution during its inception, and the transformation it has brought about over the last two decades.
“We, the PPP/C, continue to stress the need to enthuse the initiative, innovative and enterprising spirit that is latent in every one of our citizens in the public and private sector,” the Prime Minister said.
He noted too that it is the view of the PPP that Guyana will not be as prosperous as it could be without the input of every single Guyanese, “giving play to the spirit of initiative that lies in each of us.”
As to the role of the Government of Guyana in the continued prosperity of the nation, he said, “There is a part for Government to play and we do not subscribe to the view that there should be no government action; we commend IPED and want to maintain that it is our duty as government to play our role in the direction that the country takes, in all areas of activities of the country.”
In this regard, Hinds encouraged all to foster a more open and direct relationship with the government, despite latent issues that might exist.
In closing he congratulated Dr. Persaud and all those responsible for the success of IPED, which he described as “a very important movement” in the county.