THE success of the newly passed Guyana Development Bank legislation should not be measured by the amount of money the institution lends, but by the jobs it creates, the businesses it helps to thrive and the opportunities it generates for Guyanese across the country, Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally has said.
Ally made this known while delivering remarks recently, during which he argued that the institution’s true value would lie in its impact on people’s lives and its ability to broaden participation in the country’s rapidly expanding economy.
“The Guyana Development Bank should not be judged only by how much money it disburses,” Ally said. “It is important to consider the impact of those disbursements that it will produce.”
According to the minister, those outcomes should include the number of jobs created, the extent to which financing reaches businesses operating outside the traditional coastal communities and how many enterprises remain successful after receiving support.
He said the legislation comes at a critical time for Guyana, noting that the country is experiencing unprecedented economic growth fuelled by major investments, infrastructural development and the emergence of new industries.
However, he cautioned that a financing gap still exists, one that could prevent many Guyanese from participating fully in the country’s economic transformation.
“Guyana has the physical space. It has the infrastructure agenda. It has rising household income. It has tens of thousands of newly registered businesses. It has an emerging entrepreneurial class, but it also has a financing gap that, if left unresolved, will limit who participates in the country’s transformation,” Ally said.
He explained that the development bank is intended to close that gap by providing access to financing for groups that have traditionally faced challenges securing capital, including first-time borrowers, women entrepreneurs, young people, rural producers and residents of hinterland communities.
The minister also said the institution would create opportunities for persons with disabilities seeking to establish businesses, farmers looking to invest in agro-processing ventures, single mothers hoping to expand their enterprises and families striving to build businesses of their own.
Framing the legislation as more than the creation of another financial institution, Ally said the government was establishing a disciplined and accountable development-finance platform capable of supporting enterprise development while promoting shared prosperity.
He said that since taking office in 2020, the People’s Progressive Party/Civic (PPP/C) administration has overseen one of the most significant periods of economic expansion in Guyana’s history through prudent financial management and sustained investment in social sectors.
As the economy continues to grow, he said, the government has a responsibility to ensure that growth is inclusive and translates into improved livelihoods, expanded opportunities and wealth creation across all communities.
“The purpose of this Bill is not simply to create a bank,” Ally told the House. “It is to create a disciplined, accountable development-finance platform that allows Guyanese enterprises to participate in the next stage of national growth.”
He added that if properly governed and rigorously managed, the development bank would finance not only businesses, but also strengthen what he described as “the social contract of shared prosperity” by ensuring that more Guyanese benefit from the country’s economic progress.
