THE Institute of Private Enterprise Development (IPED) has reported that its assets at the end of 2021 were valued at $4,808 billion, an increase of $512M as of December 31, 2020.
According to a release, IPED’s assets recorded as of December 31, 2021, have been financed by accumulated surplus of $3,808M and liabilities of $998M.
This is in comparison to 2020’s accumulated surplus of $3,496M and $800M liabilities.
“I am happy to report that IPED stands financially healthy and stable as of December 31, 2021. We are optimistic about IPED’s future as it pursues the fulfilment of its many objectives, which include building partnerships with organisations that provide complementary support services to micro and small business entrepreneurs to enhance their production potential, and capacity to meet their market demands,” said IPED Chairman, Komal Samaroo in the company’s latest Annual Report.
IPED remained resolute in providing services to its new and existing clients, the release noted, pointing out that, in 2021, it processed 4,060 loans for a total value of $3,224M compared to 3,566 for a total value of $2,921M in 2020.
Some 325 loans for a total value of $402M have been refinanced, granting entrepreneurs the opportunity of furthering their respective enterprises which IPED determined to be worthy investments.
Loans were granted to 2005 small-scale farmers; that accounted to 49 per cent of loans granted for 2021. This shows IPED’s major role in supporting small scale farmers. As at December 31, 2021, IPED serviced 4,122 small and micro enterprises with a gross loans receivable of $3,688M.
Non-performing loans as of December 31, 2021 were $310M or eight per cent compared to 2020’s $368M or 10.8 per cent. Cash resources and financial investments at the end of 2021 totalled $530M compared to $510M in 2020.
IPED was able to cover all operating and loan impairment costs for 2021. IPED’s total operating income for 2021 was $717M compared to $594M in 2020, an increase of $123M or 21 per cent.
Total operating cost before loan impairment for 2021 was $550M compared to $515M in 2020, an increase of $35M or seven per cent. Loan impairment cost for 2021 was $14M compared to $56M in 2020.
IPED was able to cover all its operating cost and loan impairment cost for 2021 and 2020 to generate a surplus of $153M and $24M respectively. After re-measurement of its employees’ pension plans, net total comprehensive income for 2021 was $314M compared to $72M in 2020.
“IPED’s success in achieving its mission to provide financial and advisory services to small and micro business entrepreneurs, enabling them to build sustainable enterprises, remains a true testament to its indelible contribution to reducing poverty and expanding Guyana’s economy,” Samaroo added.
Several awards were handed out for outstanding performances by business for the year; these are: Best Medium Enterprise, Haimlall Persaud; Best Youth Enterprise, Munesh Persaud; Best Small Enterprise Project, Hardat Pearce; Best Micro Enterprise Project, Cecelia Peters; Best Woman Entrepreneur, Naveta Ramkripal; and Best Agricultural Project, Jagdesh Sookhoo.