—President Ali says, points to increased opportunities for citizens, more financing options

FUELLED by investments in infrastructure, agriculture, and energy security, Region Three (Essequibo Islands–West Demerara) is on track to become the industrial capital of Guyana.
This was according to President Dr. Irfaan Ali during his feature address at a business networking event hosted by the Region Three Chamber of Commerce and Industry (R3CCI) on Monday evening.

He said that with supporting pillars already enforced, Region Three is being strategically positioned to be a key player in Guyana’s diverse economy.
Boasting vibrant commercial and industrial sectors, the region is well on its way to becoming a powerhouse.

“Region Three is strategically positioned with access to natural resources, agricultural strength, and proximity to major markets, including the Essequibo Coast, Bartica, and the populous Region Four, giving Region Three advantages which must be harnessed,” Dr. Ali said.

To take the region to newer heights, President Ali noted that the government has been making investments in “reliable infrastructure”, thereby ensuring that road networks, bridges, and ports are in place to support the movement of goods and services.

Concurrently, the government has also ensured that access to financing and capital services are readily available to fuel expansion and innovation to meet growing market demands.
“Your government has long recognised the need to invest in the pillars that will transform this region, and support vibrant commercial and industrial sectors, good roads, ports, airports and reliable power supply support efficient movement of goods and services,” President Ali said.

In Region Three, the government has expended tens of billions of dollars on infrastructure, excluding the new Demerara River Bridge, which is one of the country’s largest financial infrastructural undertakings.
Painting a picture of even greater prospects, Dr. Ali pointed out that upon completion of the new bridge and the gas-to-energy project, a new wave of manufacturing and agro-processing will be unlocked, placing the region at the heart of the country’s energy-led transformation.

He cited, too, the construction of a new stadium in the region that will add to the diversification of the local economy.
“Together, this development will not only spur economic growth, but will also foster a vibrant and dynamic social environment, drawing talent, tourism and opportunity from across the nation,” the Head of State said.
He pointed out that with supportive monetary policies, the government has encouraged an expansion of credit to the private sector by an increase of 62 per cent.
There were notable credit increases in mining to 25.8 per cent, agriculture at 95. 6 per cent, manufacturing 57.9 per cent, and services at 60.9 per cent.

“When you look at the spread of lending, and the areas in which you’ve seen accelerated lending, it tells you about a diversified economic portfolio. It tells you about an economy in which the different sectors are stratified for more balanced growth; expansive growth, and it tells you about an economy that is rising on every single front,” President Ali said.

He noted, too, that while the government has seen greater lending in the different sectors, there has also been a decline in non-performing loans.
The non-performing loans ratio, which was 11.1 per cent in 2019 dropped to 2.7 per cent by December 2023, and 2.1 per cent last year, the lowest in the Caribbean.
Dr. Ali said: “As we confront the next five years, we’re going to work with you on co- investment and co-financing opportunities.”

The government, he noted, will be investing in a facility that will provide interest-free loans to small and medium-sized enterprises to target the market size, and ongoing development of the region, creating even more stimulus for commercial and business activity.

Dr. Ali, who is seeking re-election at the upcoming September 1 polls, further urged the gathering to reflect on the momentum that has been built.
He said: “From farm belt to economic powerhouse, from a gateway to destination, from promise to performance, this is Region Three’s moment, and we must seize it.”

In closing, he said: “We have seen in the previous [APNU+AFC] government what economic impact, social impact, the region would have undergone because of a government that did not understand the economic structure

of this region… Because of a government that did not care about the economic structure of this region, once vibrant communities were set on the bread line of poverty because of poor governance, poor policies, and an inability to understand how the economy of the region works.”