-says new financing facility will support emerging businesses, build capacity in Guyana’s growing energy sector

FOR entrepreneurs who have long viewed access to capital as one of the biggest barriers to turning a viable idea into a sustainable business, the launch of the Guyana Development Bank marks the opening of a new financing avenue, according to the Guyana Oil and Gas Energy Chamber (GOGEC).

In a statement issued on Monday, when the bank officially began operations, GOGEC welcomed the initiative and said the institution could help remove the longstanding financial barriers facing local entrepreneurs, particularly youth, women, and emerging enterprises.

Praising the development, the chamber said the bank’s initial US$100 million capitalisation represents a significant development in Guyana’s financial landscape and commended President Dr Irfaan Ali and the Government for establishing what it described as an inclusive mechanism for expanding access to financing.

The Guyana Development Bank is intended to provide eligible small and medium-sized enterprises with loans of up to G$3 million without collateral and interest, while also providing business development support. The bank is being positioned as more than a source of financing, with technical assistance, mentorship, financial literacy, and business planning forming part of its support structure.

GOGEC said this combination of financing and business support could be particularly important for companies seeking to establish themselves in Guyana’s expanding energy economy. “As Guyana’s energy sector continues its rapid expansion, meeting stringent local content targets requires robust capitalisation and capacity-building,” the chamber said, adding, “The Guyana Development Bank serves as a powerful catalyst for GOGEC members; particularly emerging subcontractors, fabrication shops, logistics providers, and professional service suppliers.”

The bank’s launch follows months of preparation after Government announced the initiative in the 2026 National Budget, with US$100 million earmarked as its initial capital injection. The Development Bank Bill was passed by the National Assembly in July and President Ali subsequently assented to the Guyana Development Bank Act 2026. The bank’s creation has seen considerable interest and strong support among entrepreneurs and members of Guyana’s business community, with many citing how a lack of access of collateral and the cost of commercial borrowing has traditionally made it difficult to start or expand businesses.

Government has also emphasised that the institution is intended to provide support beyond the initial loan. The bank is expected to use regional credit officers, facilitators and mentors to work directly with applicants, help develop business plans, provide financial literacy, and monitor projects. As enterprises grow, sector specialists and technical officers are expected to assist with expansion and help businesses eventually transition into the commercial banking system. That field-driven approach is also intended to extend access beyond Georgetown and the traditional banking centres. Government has been developing a mobile application to allow entrepreneurs in hinterland and riverain communities to access the bank’s services, while regional officers and facilitators are expected to provide on-the-ground assistance.

For GOGEC, the bank’s opening marks a historic step in strengthening the participation of Guyanese-owned businesses in the energy sector. The chamber said it stands ready to work with the Government and the bank to ensure local energy companies and small suppliers can make use of the new financial tools.

“This will foster shared prosperity and drive sustainable Guyanese participation in the national transformation,” GOGEC said. The bank began operations on Monday with a seven-member board headed by Chairman Abu Zaman and Deputy Chairperson Kathy Smith. The board brings experience in areas including retail and SME banking, private-sector advocacy, financial regulation, legal affairs, and institutional governance.