MEMBER of Parliament, Lenox Shuman, believes the newly passed Guyana Development Bank Bill will mark a turning point for Indigenous communities by expanding access to financing and creating greater opportunities for entrepreneurship and economic participation.
Shuman made this known while giving his contribution and throwing his support behind the bill during the debates earlier this week ahead of its passage.
The former deputy speaker stated that the legislation addresses one of the most significant barriers preventing many Indigenous people from accessing credit and growing businesses.
He noted that the issue was raised by Indigenous leaders during the recently concluded National Toshaos Council (NTC) Conference, where village representatives called for greater integration into Guyana’s rapidly growing economy.
According to Shuman, the establishment of the Guyana Development Bank will provide the financial framework needed to support Indigenous entrepreneurs and allow them to participate more meaningfully in the country’s economic transformation.
“The Amerindian Act in itself prevents Indigenous peoples from leveraging their lands for benefit. You cannot take land to the bank, you can’t take resources to the bank, and to a great extent, it has excluded us from the economic framework and integration of Guyana,” Shuman told the House.
He explained that because Indigenous communities cannot use communal lands as collateral under existing laws, many aspiring entrepreneurs have been unable to secure financing through traditional commercial banks.
Shuman said the Development Bank is expected to help bridge that gap by providing access to capital that would enable Indigenous people to establish businesses, pursue investment opportunities and build long-term wealth.
He also highlighted the potential impact on young people, many of whom, he said, possess innovative ideas but lack the financial resources needed to turn them into viable enterprises.
“What we are doing in this process of bringing the Development Bank to reality is to give all of those communities and all of those people an opportunity to meaningfully build their financial wealth,” he said.
The MP stressed that while Indigenous communities stand to benefit significantly, the legislation is intended to create opportunities for all Guyanese by ensuring wider participation in the country’s expanding economy.
He described the bill as a major step towards inclusive economic development and commended Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, for piloting the legislation.
The Guyana Development Bank Bill was subsequently passed in the National Assembly, paving the way for the establishment of a specialised financial institution aimed at supporting sectors and entrepreneurs that have traditionally struggled to access affordable financing, including small businesses, agriculture and Indigenous enterprises.
