THE Guyana Bank for Trade and Industry (GBTI) on Friday announced that it will provide financing for the Muneshwer’s Group expansion through a partnership agreement with IDB Invest.
“IDB Invest and Muneshwer’s (on Friday) signed the agreement at the Guyana Marriott Hotel in Kingston, Georgetown, in the presence of Finance Minister Honourable Dr. Ashni Singh; President of the IDB Group, Ilan Goldfajn, CEO of IDB Invest James Scriven; Country Manager Lorena Solorzano, GBTI Deputy CEO Shawn Gurcharran and Business Development Manager, Rawattie Mohandeo; Muneshwer’s General Manager Chandradatt Chintamani and other IDB Invest and Muneshwer’s representatives,” GBTI announced.
According to the release, “Gurcharran expressed GBTI’s excitement about the project, noting the successful relationship it shares with IDB Invest and the potential for future collaborations.”
The following is GBTI’s statement:
It is indeed a pleasure to be part of this most significant event. It is important to summarize the events unfolding today:
IDB Invest is collaborating with GBTI, a 100% Guyanese-owned and managed bank, to finance the expansion of the Muneshwer’s group, a locally successful and rapidly expanding entity.
It is indeed a moment to celebrate as two Guyanese institutions have been able to successfully demonstrate that our capabilities and capacities are adequate to meet the expectations of IDB Invest.
This collaboration today emphasizes the current economic development of our Guyana. Local entities can now pursue great opportunities that are present through partnerships with key international players for the betterment of all stakeholders.
We offer our heartiest congratulations to the Muneshwer’s Group on this landmark achievement and wish you continued good success in all the ventures you pursue.
GBTI has enjoyed a fruitful partnership with the IDB Invest, which goes back some time. As recent as 2021, we signed a Trade Finance Partnership and are currently exploring some keys areas to further strengthen our lending infrastructure as well as lending products.
Collaboration with IDB Invest has indeed been a pleasure but also has presented GBTI an opportunity to understand the risk appetite of a multilateral finance firm and importantly, the mitigants need to lend prudently.
We have found IDB Invest’s approach to be one that is flexible and accommodating to the dynamic circumstances that currently prevail in Guyana.
For Guyana to continue to benefit from the plethora of opportunities that the booming economy has presented, we all must be willing to change and improve how we operate to facilitate the forging of these partnerships.
We do hope to continue to partner with IDB Invest in the many opportunities that are available in Guyana as they are critical to continued growth and success. At GBTI, like many other Guyanese, we are excited to see our much-heralded potential being realized.
It is our aim to continue working in these partnerships so that they, too, can see Guyana through our eyes.
