–IDB-Invest signs US$25M agreement with Redstart/Unicomer for new commercial complex at Farm
–to create over 100 jobs, provide spaces for 30 businesses

AS the government continues to foster an environment that is conducive to business and investments, Senior Minister in the Office of the President with Responsibility for Finance and the Public Sector, Dr. Ashni Singh, on Monday, oversaw the signing of an agreement between the Inter-American Development Bank’s Private sector arm-IDB-Invest and Redstart Guyana.

The simple signing ceremony which took place at the Ministry of Finance, was witnessed by both IDB and Ministry of Finance officials.
The agreement is to the tune of US$25 million and will allow for the construction of a commercial complex at Farm on the East Bank of Demerara.

Dr. Singh, during his remarks at the ceremony, congratulated the IDB Group and Unicomer on its partnership, noting that it sends a very clear signal to the rest of the private sector operating in Guyana that financing raised through IDB-Invest is a very viable and doable prospect for them.

The Finance Minister related that from 2020 to date, the value of financing approvals by IDB-Invest for development projects in the country’s private sector totals US$173 million. He added that the government welcomes this significant investment by Unicomer, pointing out that it is a tangible and visible demonstration of confidence in Guyana’s economy.

The Finance Minister then also lauded the IDB for its continued expression of confidence in Guyana, and commitment to supporting the country’s private sector to expand and invest in several projects as the country continues on its rapid economic development trajectory.

“This investment comes at yet another key juncture in Guyana’s economic history, at a time when our economy is growing more rapidly than almost any other economy around the world; at a time when more Guyanese are in work from any other time previously in our country’s history; at a time when more Guyanese are earning higher levels of disposable income and acquiring their own homes through our Government Housing Programme and seeking to furnish those homes, and, therefore, are in a position to even more fully avail themselves of the goods and services that will be provided by companies like Unicomer,” Dr. Singh said.

The IDB Group Country Representative, Lorena Solorzano Salazar, said the institution’s commitment is to support investment in infrastructure, to promote improved productivity to boost development in the region.

“With this partnership, we are expanding business opportunities for local MSME’s (Medium, Small and Micro Enterprises) while responding to an increasing demand of middle and low-socioeconomic segments for retail products in Guyana,” she added.

While thanking Unicomer for its confidence in the IDB, Salazar said that with the construction of the commercial complex, the company is expected to employ approximately 100 new persons during construction and provide 30 spaces for businesses to operate which will generate more local employment.

Additionally, she said the construction includes a strong focus on sustainability by using LED energy solar panels and local materials to leverage the local construction supply chain.
While noting that it was a “red-letter day” for Unicomer Guyana Inc. and RedStart Guyana, Errol LeBlanc, Vice President (Caribbean) said Unicomer resolves to contribute to the growth and development of Guyana, and to improve the opportunities and the quality of life of its residents.

Leblanc added that the rich Unicomer Guyana Inc. story, which started 30 years ago, is being strengthened now with this investment to build “River Place” a modern commercial complex that will boast a world-class retail and commercial facility.
Leblanc then added that there is no better way to exhibit confidence in Guyana’s economy than through investment.

“Unicomer’s investment in River Place supports the government’s growth initiative, leverages the support of international organisations like the IDB, demonstrates Unicomer’s mandate to facilitate continuous growth and development in the countries in which we do business and fulfill our commitment to enhance the lives of its people and our staff,” he concluded.

Redstart Guyana is a wholly owned subsidiary of Redstart Limited and it is jointly owned by Milady Group and Liverpool Group. It was incorporated in Guyana in 1991 and is the real estate arm of Unicomer Guyana Inc. (COURTS) responsible for developing real estate assets including offices, distribution centres, key stores, and service centres as well as operating Unicomer Group’s real estate assets.

The commercial complex will have a total land area of 17,124 m2 and Unicomer Guyana will be the main tenant (approximately 80 per cent of the leasable area) with the remaining leasable space suited for MSMEs businesses. With the increase of retail space, Unicomer Guyana will continue providing access to durable goods and financial services to local clients of low socioeconomic segments.