-President Ali says, assures ‘grassroots’ financial institution will serve ordinary people
THE Government of Guyana is developing a mobile application to ensure that the soon‑to‑be‑launched Guyana Development Bank (GDB) is accessible to entrepreneurs and small businesses in every region of the country, President Dr. Irfaan Ali has announced.
Speaking during a wide‑ranging discussion with private sector leaders and stakeholders on Sunday, the President said the bank, which comes into operation on October 5 with an initial capitalisation of US$100 million (approximately G$20 billion), is being deliberately designed as a “grassroots” institution to serve ordinary Guyanese, particularly young people, women, and vulnerable groups.
Dr. Ali explained that the mobile application will allow citizens to engage with the bank’s services without having to be physically close to traditional financial centres on the coast.
“What we are doing also is creating an app, so the bank is accessible through technology. We are also developing a system of facilitation,” he said, noting that the GDB will operate through a combination of branch desks in commercial banks, regional officers, facilitators and mentors, as well as digital channels. This, he stressed, is intended to ensure that hinterland and riverine communities, and emerging enterprises in tourism, agriculture and agro‑processing, are not left behind.
The President underscored that the GDB is “not a grant facility” but a development institution aimed at economic empowerment, credit building, and long‑term wealth creation at the household and community levels. Under the model outlined, small entrepreneurs will be able to access up to G$3 million in collateral‑free, interest‑free financing in certain categories, backed by compulsory mentorship, technical support, and financial literacy training.
The bank’s structure will see sector specialists and government extension officers working alongside borrowers to refine proposals, link them to existing State support programmes, and help them transition, over time, into the commercial banking system.
Throughout the discussion, Dr. Ali repeatedly linked the bank and its supporting mobile app to a broader strategy of economic diversification beyond oil and gas, community development, and the strengthening of local value chains.
He cited examples ranging from organised poultry production, dragon fruit farms, and greenhouse clusters to value‑added food processing for local supermarkets and regional exports.
The President also highlighted the transformative impact he expects for women entrepreneurs, many of whom have historically lacked collateral despite contributing significantly to household assets.
Dr. Ali said the bank will operate under clear eligibility criteria, compulsory coaching, and transparent reporting, including the publication of lists of beneficiaries to allow for community scrutiny.
He emphasised that while the first issuance will focus on ideas, innovation, vulnerability and the “small man”, young professionals with entrepreneurial plans, including those in the public sector, may also be able to benefit as the facility scales.
Ultimately, the President projected that within five years, the initial capital could generate a multiplier effect across the economy.
