–Head of regional private sector body says

THE Region Three Private Sector Inc. (R3PSi) has applauded Demerara Bank for its move to construct a $150M Leonora branch which will serve more than 75,000 persons in its catchment area, while catering to government’s housing development in the region.

Demerara Bank Limited is now poised to begin the construction at Leonora, West Coast Demerara (WCD) location and will be offering its full range of services.
The sod was turned on Friday by CEO Pravinchandra Dave and Chairman Komal Samaroo, along with President Irfaan Ali and Finance Minister Ashni Singh.

According to the Head of R3PSi, Halim Khan, a new bank needs to fill gaps in the financial architecture of the region’s potential.
He explained that banks provide their local communities with valuable products and services, including offering various loan products to business owners and developers, small businesses, and farms to meet the credit needs of less economically vibrant areas.

The R3PSi Head said that, with plans to establish a gas-to-energy project, works on a US$300 million Vreed-en-Hoop Shore base facility, new private and public hospitals and the two four-lane highways in the works, Region Three was fast becoming a hub for investment opportunities in Guyana.

“Government is expected to invest some $10 billion this year to advance the transformative agenda of the Essequibo Islands-West Demerara [Region]. This major investment will see improvements in residents’ living standards in the areas of health, education, and agriculture,” Khan added.

He explained that some $7.6 billion was approved in the 2022 National Budget under the Ministry of Local Government and Regional Development. The region will also benefit from the Ministries of Public Works and Agriculture investments.

Further, he said within the region, some 7,000 house lots were being developed as part of the government’s drive to provide 50,000 house lots to Guyanese by 2025.
Additionally, he said that, under the Government’s turn-key initiative, some 200 housing units were expected to be constructed in Anna Catherina and Meten-Meer-Zorg, targetting low- and moderate-income earners.

Khan noted, too, that under the IDB-funded Authority’s Adequate Housing and Urban Accessibility Programme, 25 core houses were constructed for vulnerable families in Lust-en-Rust, Onderneeming, La Parfaite Harmonie, Recht-Door-Zee and Westminister.

These new developments, Khan said, will be complemented by the $52 billion (US$260 million) New Demerara River Bridge.
“So having Demerara Bank construct a $150M Leonora branch is timely, and the bank is being built at a strategic point to serve all communities within Region Three,” Khan underscored.