—Guyanese welcome initiative as gov’t moves to expand access to financing, entrepreneurship

THOUSANDS of ordinary Guyanese will soon have access to collateral-free financing, mentorship and business support through the Guyana Development Bank, an initiative the government says will expand business ownership and create new opportunities for wealth creation across the country.

President Dr Irfaan Ali, in a Facebook video on Saturday, said the institution is designed to place Guyanese families at the centre of the country’s economic growth by giving them the tools and resources needed to transform ideas into successful businesses.
“It is coming to give every single ordinary Guyanese family, without collateral, the opportunity to own their own business, to harness their own ideas,” the President said.
The Head of State explained that the bank fulfils a commitment made by the People’s Progressive Party/Civic (PPP/C) in its 2025 election manifesto and will be backed by an initial investment of more than US$200 million, equivalent to approximately G$40 billion.
According to President Ali, the institution will focus on more than simply issuing loans.
“This is more than lending. This is about nurturing, this is about developing, it’s about coaching, helping you with financial management, helping you develop your ideas, helping you to build that business,” the President said.
He noted that thousands of Guyanese are expected to benefit from the initiative, with financing available to individuals who have strong business concepts but limited access to traditional banking services.
“This will be thousands of loans given to ordinary Guyanese families. You don’t have to own anything, you just have to have an idea that we will help to develop, that we will help to nurture,” he said.
President Ali also highlighted the bank’s cluster-based approach, which will allow groups of entrepreneurs to combine resources and undertake larger ventures.
As an example, he said a group of persons interested in egg production could come together to establish a modern medium-scale facility that would otherwise be financially out of reach.
“If you have 10 persons in a cluster who want to go into medium-sized egg production, right away they can scale up and create a modern facility for egg production that they could have never afforded to do before,” he explained.

The President revealed that while the Guyana Development Bank Bill is currently before the National Assembly, preparatory work is already underway to ensure the institution becomes operational quickly once the legislation is approved.
“As the bill is in Parliament now, we are already setting up the administrative mechanism, we’re already training people, we are already operationalising this, so our Guyanese people will benefit,” he said.
President Ali encouraged young people, including graduates of the University of Guyana, to use the opportunities that will be available through the bank to invest in emerging sectors such as tourism, agriculture, agro-processing, arts, crafts and the orange economy.
His remarks come as many Guyanese continue to welcome the initiative.
Speaking to the Department of Public Information (DPI), Shakira Rahaman said the bank could help young entrepreneurs who often struggle to access financing through conventional channels.

“I think that a lot of the young people these days do not have access to these finances because it is hard for them to get documentation, to get a solid business plan ready, and with this bank, it is a great initiative,” Rahaman said.
She added that many young people have business ideas but are uncertain about where to begin.
Meanwhile, Guyana’s Ambassador to Venezuela, Dr Van West-Charles, said the bank would allow more citizens to participate meaningfully in the country’s growing economy.
“It opens the door even more to allow people to participate in the economy the real way, while also creating wealth,” he stated.
The Guyana Development Bank Bill was tabled in the National Assembly on Friday and proposes microcredit loans of up to G$3 million for young entrepreneurs, women, small and medium-sized enterprises and persons living with disabilities.
In addition to financing, beneficiaries will receive mentorship, training and technical assistance aimed at improving the sustainability and success of their businesses.