– says access to finance critical for tourism growth

THE Tourism and Hospitality Association of Guyana (THAG) has welcomed the launch of the Guyana Development Bank (GDB), describing the new institution as an important opportunity to expand access to financing for entrepreneurs and small and medium-sized enterprises across the country.
In a statement congratulating President Dr Mohamed Irfaan Ali and the Government of Guyana on the establishment of the bank, THAG said improved access to affordable financing could help businesses invest, expand operations, introduce innovations and strengthen their competitiveness.
The association said the development was particularly significant for the tourism and hospitality sector, which comprises a wide range of businesses, including hotels, resorts, lodges, restaurants, tour operators, transportation providers, attractions and community-based tourism enterprises.
“Access to affordable financing is especially critical” to the industry, THAG said, noting that many tourism businesses are driven by entrepreneurs and small enterprises operating throughout the sector’s value chain.
The association said the GDB could provide an additional avenue for tourism and hospitality operators to secure financing to improve their products and services as Guyana continues to develop its tourism industry.
THAG also welcomed the bank’s focus on supporting small and medium-sized enterprises, young entrepreneurs, women and other emerging business owners.
The association said access to capital should be accompanied by capacity building, innovation, sustainability and efforts to develop businesses capable of competing in international markets.
According to THAG, strengthening access to financing could enable more Guyanese-owned enterprises to participate in the country’s economic transformation while contributing to employment, community development and economic diversification.
The association said it looks forward to working with the Government and the Guyana Development Bank to help tourism and hospitality businesses across the country access financing opportunities and contribute to the continued development of “Destination Guyana”.
THAG described the launch as an investment in “Guyanese enterprise, Guyanese ideas and Guyanese potential” and congratulated the Government and people of Guyana on the establishment of the new financial institution.