PRESIDENT Dr Irfaan Ali on Thursday assented to the Guyana Development Bank Act 2026, paving the way for the establishment and operationalisation of a new financial institution aimed at expanding access to financing and technical support for small and medium-sized enterprises across the country.

The Act, which was passed in the National Assembly on Monday, establishes the Guyana Development Bank and sets out the legal, institutional and administrative framework under which the institution will operate.

Under the new framework, eligible small and medium-sized enterprises will be able to access loans of up to $3 million without the requirement for collateral and without interest, providing entrepreneurs with an alternative source of financing to support the establishment, expansion and development of their businesses.

The Bank is also expected to provide technical and advisory services to small-business operators, including assistance with preparing business plans, improving financial management and strengthening the overall capacity of enterprises.

The support is intended to help businesses become more sustainable and better positioned to eventually qualify for financing through the formal banking system.

President Ali’s assent clears the way for the implementation of the Act’s provisions and the commencement of steps towards the Bank becoming operational.

The legislation was piloted in the National Assembly by Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr Ashni Singh, who said the establishment of the institution would create new opportunities for entrepreneurship and business development across Guyana.

Dr Singh had described the Bank as an important mechanism for expanding access to financing, particularly for entrepreneurs who may face challenges meeting the collateral and other requirements associated with traditional lending institutions.

The Government has said the initiative is intended to support a broad range of economic sectors and promote greater participation by small businesses in Guyana’s expanding economy.

With the legislation now assented to, the Government is expected to advance the institutional and administrative arrangements required to bring the Guyana Development Bank into operation and begin delivering financial and technical support to entrepreneurs nationwide.