THE Guyana Development Bank is expected to become operational within the coming weeks as the government moves to finalise its board, organisational structure and staffing arrangements.
President Dr Irfaan Ali said on Tuesday the focus is to have the necessary structures in place, with the bank also expected to work closely with commercial banks to expand access to financing and support for prospective entrepreneurs.
“We are right now putting together the board, putting together the structure, and hoping to operationalise within the coming weeks, so we’ll have the staff in place,” he told reporters during a press conference.
Plans are being developed to establish desks within commercial banks, while regional facilitators will help identify interested persons and connect them with opportunities through the development bank.
The bank will also promote a cluster-based approach to business development, particularly in areas where small operators are working independently but could benefit from pooling resources and operating at a larger scale.
The President pointed to poultry production as one example, noting that communities may have dozens of individuals each rearing relatively small numbers of chickens.
By bringing these producers together into a shared operation, the government expects to reduce community complaints while creating a more efficient business ecosystem.
“For example, you have one of the complaints also in the community. You may have 50 persons, each of them doing 100 chicken each. Those 50 persons can come together and do it on a house, and you take away the complaints from the community, one, and you create a business ecosystem that will have lower mortality rate, higher returns, and better conditions,” he said.
President Ali added that such an approach could also help producers achieve lower mortality rates, higher returns and improved production conditions through greater economies of scale and better management practices.
He said sensitisation efforts surrounding the Guyana Development Bank have already begun, with strong interest from members of the public seeking to become part of the institution and benefit from the opportunities it is expected to provide.
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.
The bank will operate through a bottom‑up, field‑driven structure anchored by a board and chief executive officer at the top, and regional credit officers on the ground who work directly with applicants to shape ideas, process interest‑free, collateral‑free loans and monitor projects.
These officers are supported by regional facilitators who organise clusters of similar businesses, deliver financial literacy and basic management training, and link borrowers to wider government support.
He said that as businesses grow, sector specialists and technical officers will step in to right‑size investments, provide technical advice and prepare projects for expansion with commercial banks, ensuring a continuous pipeline of support from start‑up through to larger‑scale operations, even after the initial loan is repaid.