-Pres. Ali

-by NaAsia Bristol

As Guyana moves closer to the launch of its development bank, President Dr. Irfaan Ali is seeking to clear up misconceptions about the initiative. While some Guyanese believe the bank is simply about accessing interest-free and collateral-free loans, the head of state says the institution is designed to do much more creating long-term prosperity, supporting entrepreneurship, and helping families build generational wealth. 

“The Guyana Development Bank is about creating strategies at the individual and small business level that allows Guyanese to win, prosper, and succeed,” the president underscored.

The president emphasised that success through the development bank will require dedication, resilience, and a commitment to building sustainable businesses rather than seeking quick profits. 

“We have to build a culture of hard work, build a culture of sacrifice, build a culture of patience.That is what is going to make us successful individually, at the community level, and of course, at the national level,” he said.

President Ali also outlined what he calls the Guyana model for the development bank, a structure built around mentorship, technical support, and continuous guidance for borrowers from the earliest stages of their business journey. 

“It allows success.It allows resilience. It allows sustainability. It allows scaling up of opportunity.It allows building of cluster. It allows all of government to be integrated. It is supported by mentorship, hand-holding, support mechanism,” he said.

The bank’s structure will feature regional credit officers, facilitators, mentors, and sector specialists who will help entrepreneurs develop ideas, strengthen business skills, and eventually transition into larger commercial opportunities. The Guyana Development Bank is expected to begin operations once necessary legal and administrative frameworks are fully in place.