–as ministerial team meets with members

WITH the Guyana Development Bank launched, symbolising fulfilment of another People’s Progressive Party/Civic 2025 Manifesto promise to the nation, Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni Singh, on Monday, alongside Minister of Tourism, Industry and Commerce Susan Rodrigues and Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally met with the new Board of Directors at the Ministry of Finance.
Minister Singh reiterated to the Board that the new Development Bank is one of the flagship commitments by the government, and that it has the potential to unleash a wave of entrepreneurship unlike anything ever seen in this country’s history.
He added that it also has the potential to allow thousands of businesses to be able to access capital to start up or grow and expand their small business in a manner that they were never previously able to do because they were required then to provide collateral as well as pay interest.
“Because every single small business owner who is going to access a loan facility through the GDB, we would like to see every one of them invest the resources in a viable business idea and grow their business as well as manage their business responsibly so that their business grows not only to utilize the $3 million loan facility being provided by the GDB but so that they could graduate upwards into accessing loans from the formal financial system-the traditional commercial banks-and grow their business even more,” Dr. Singh re-emphasised during the meeting.
The finance minister explained that the initiative of the bank is intended to achieve a completely new wave of entrepreneurial and productive activity in Guyana as well as stimulate sustained livelihood and sustained business ventures across the length and breadth of the country.
He noted that the amount of $20 billion is only an initial capital injection to stimulate either the establishment or expansion of a small business not as an end, but as a means to a much bigger end.
Dr. Singh therefore expressed enthusiasm that entrepreneurs countrywide or persons interested in setting up small businesses will use this period of the country’s development in which there are endless opportunities in a number of sectors, to participate in establishing and growing their businesses in order to boost their livelihoods as well as simultaneously contribute to the country’s continued economic development-especially in the non-oil sector that has seen consecutive years of growth only recently, Guyana’s Mid-Year Report for 2026 highlighted that the country’s non-oil economy grew by 10.1 percent and has been growing at exceptional rates over the last five years.
Addressing the meeting, Minister of Tourism, Industry and Commerce Susan Rodrigues, under whose portfolio the bank falls, while congratulating the new board members, said in terms of access to financing the Bank can help to develop other traditional and new and emerging sectors of the economy.
“We may see new scenarios and people coming up with new proposals that they won’t ordinarily take to a commercial bank, but there is great value in that idea,” Minister Rodrigues said as she urged the bank to be innovative as well in consideration of prospective applicants who may have proposals outside of the norm.
Minister of Public Service and Government Efficiency Ally, in addressing the new board members, said that the government’s aim is to allow for more people across the country who have brilliant ideas to be able to start small businesses within their communities.
“My ministry will always be there to ensure efficiency in implementation,” Minister Ally said as he referenced government’s digitisation policy, and the fact that the new bank includes the active website that allows persons to submit their applications and proposals.
The new Board of Directors of the Bank appointed by the Senior Minister are Chairperson Abu Zaman, Deputy Chairperson Kathy Smith, and Directors James Bond, Sukrishnalall Pasha, Dion Inniss, Nalinie Singh, and Praem Rambharak.
Government is urging budding entrepreneurs residing in Guyana, as well as those looking to expand their businesses, to take full advantage of the opportunity provided and ensure that they submit their applications and proposals to start their businesses through the website established and available online at https://gdb.gov.gy/.
It can be recalled that in its 2025 Manifesto, launched on August 18, 2025, the PPP/C had committed to establishing the Guyana Development Bank (GDB). Following this, in the 2026 Budget presentation on January 26, the finance minister announced a provision of just over $20 billion for the bank.
Following passage of the Budget on February 14, the GDB Bill 2026 was drafted and published in the Official Gazette on June 4, 2026.
Dr. Singh, on June 5, 2026, presented the Bill to Parliament, and it was passed on July 27 of this year. It was then assented to by President Ali on July 30, and the Act published in the Official Gazette on the same day.
On September 16, 2026, Minister Singh signed the Commencement Order, and this was published in the Official Gazette the same day, designating October 5, 2026 as the day on which the Act shall come into operation