GLOBAL banking giant, Citibank has expressed interest in setting up a representative office in Guyana, the People’s Progressive Party’s (PPP) General Secretary Dr. Bharrat Jagdeo said on Thursday during a news conference.

This indication by this massive banking establishment signals growing international confidence in Guyana’s fast-evolving financial landscape.

Both PPP General Secretary, who also serves as Guyana’s Vice-President and President, Dr. Irfaan Ali have announced that in its next term in office, the PPP/C administration will catalyse growth in small and medium enterprises (SMEs) through various programmes such as a Development Bank, which will be a state initiative.

Dr. Jagdeo said that the law has changed to allow representative offices of the big companies in the world to be established in Guyana. This means that the financial institutions can have an office in Guyana without setting up a full bank.

He said: “Already, Citibank, which is massive has indicated an interest in setting up a
representative office here. So that would help with a lot of the big projects by Guyanese companies and others to get access to that financing for their capital project without having to go to our local banking system.”

With the introduction of new technologies, Guyana’s banking and financial sector is getting a facelift, Dr. Jagdeo said earlier this year.

The Vice-President is of the belief that the financial sector can become a humbug and could slow down the massive growth that Guyana is seeing in the real sector, if it does not expand in complexity and instruments.

“That is why we’re trying to drag it out of the stone ages into an environment that is appropriate to support the expansion in the real sector,” he said.

The banking and financial sector is an important sector, which the government has been placing specific focus on to empower citizens to benefit from the massive economic transformation taking place across the country.

Access to financing is a main pillar for the establishment, growth and success of both small- and large-scale businesses, as well as the economic empowerment of individuals and
households.

Under the stewardship of the PPP/C Government, Guyana’s financial sector has shown significant improvements in recent years in key performance indicators, reflecting a strengthening economy and robust regulatory oversight.