By Josiah Williams
The Inter-American Development Bank (IDB) has sealed a significant deal by providing a $25 million USD contract to fund Unicomer’s River Place Complex, marking a transformative moment for Guyana’s retail and business sector.
The signing ceremony, held at the Ministry of Finance Boardroom, was attended by Finance Minister Dr. Ashni Singh, who emphasized the pivotal role this investment plays in Guyana’s economic landscape.
Dr. Singh highlighted that this modern facility will revolutionize the retail sector, particularly in hire purchase, as more Guyanese gain access to disposable income.
The project, financed by the IDB and constructed by Unicomer’s real estate arm, Redstart Guyana, will feature a world-class commercial and retail facility.
Minister Singh noted that this complex will not only house Unicomer’s mega store but will also provide retail space for 42 other entrepreneurs, fostering economic growth and entrepreneurship in the region.
Lorena Solorzano Salazar, IDB Country Representative, emphasized the transformative impact of this investment on Guyana’s business sector, noting its potential to expand development and create employment opportunities.
During construction, the project is expected to generate 100 jobs, with another hundred anticipated upon completion of the infrastructure.
Errol Leblanc, Vice President of Unicomer Caribbean, revealed that the fifty-thousand-square-foot mega complex is being built at Farm on the East Bank of Demerara, with a two-year completion period.
The complex will host various Unicomer stores, including Courts, Lucky Dollar, Radioshack, Ashley Furniture, Courts Business Solutions, as well as food outlets and other retailers.
This partnership between Unicomer and the IDB represents a significant milestone in Guyana’s economic development, promising to elevate the retail and business landscape while fostering job creation and economic prosperity.