As Guyana moves closer to operationalising the Guyana Development Bank, President Dr. Mohamed Irfaan Ali has said that the initiative will allow ordinary citizens to join together, access financing and build larger enterprises through a cluster-based approach designed to expand entrepreneurship and wealth creation.

Speaking on Saturday, the President said the institution will provide collateral-free loans that will encourage groups of Guyanese with shared business interests to collaborate on projects that may have otherwise been out of reach financially.

“Part of the Development Bank’s story will be to create clusters, to create clusters of persons coming together to invest in bigger ideas, shared ideas, shared vision, creating larger businesses,” the president said.

He explained that the Bank, which is expected to be capitalised with more than US$200 million or approximately G$40 billion, will offer loans of up to $3 million without requiring collateral. However, he stressed that the institution’s role will extend beyond financing.

According to the president, the bank will provide mentorship and business development support, helping entrepreneurs improve financial management and strengthen the long-term viability of their ventures.

He said the cluster model would allow individuals to combine resources and expertise to pursue larger-scale opportunities while benefiting from guidance from experienced professionals.

“And one of the things about Development Bank, when it’s done right, is that it allows persons to work together by creating mentorship that supports every cluster,” the President stated. “So for example, if you have 10 persons in a cluster who want to go into medium-sized egg production, right away they can scale up and they can come together and create a modern facility for egg production that is at a medium-scale level. That they could have never done before.”

He explained that while legislation to establish the bank is currently before Parliament, preparations are already underway to ensure the institution can begin operating as quickly as possible.

“We are already setting up the administrative mechanism. We are already training people. We are already operationalising this so that our Guyanese people will benefit,” the President said.

The Head of State also encouraged young people, including graduates of the University of Guyana, to take advantage of the opportunities that will be created through the bank.

He identified sectors such as eco-tourism, agro-processing, agriculture, the arts and the orange economy as areas where entrepreneurs can develop innovative ventures with support from the institution.

“The Development Bank is coming. It’s coming to bring opportunities to you. It’s coming to empower your ideas. It is coming to create wealth. It is coming to give every single ordinary Guyanese family, without collateral, the opportunity to own their own business, to harness their own ideas,” he emphasised.

The President stressed that ordinary Guyanese citizens will remain at the centre of the initiative, which he said is intended to broaden participation in the country’s economic transformation and ensure more people benefit from national development.

The bill was laid in the National Assembly by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh on Friday last.