– involve communities to promote fairness
-by Kristin Josiah
President Dr. Irfaan Ali says the Guyana Development Bank will begin processing loan applications when it becomes operational on October 5.
He says the bank will target entrepreneurs across Guyana, including hinterland and riverine communities, with technology helping to expand access.
He says the application process will be simple, but applicants will receive compulsory mentorship, technical assistance and business guidance.
He stressed that the financing is a loan, not a grant, and said the programme will help borrowers build credit histories and improve their access to commercial financing.
The President says the bank will provide up to three million dollars without interest or collateral as an initial financing opportunity, while larger projects can access co-financing through commercial banks.
He says the initiative will focus heavily on productive sectors, including agriculture, agro-processing, tourism, manufacturing, creative industries and technology.
Ali says the bank will also encourage groups and business consortia to work together to create larger-scale ventures and supply chains. The President says mechanisms will be put in place to promote fairness and transparency including publicizing beneficiaries and involving community and religious organizations.
“The bank would also have a very fair system of publicizing because that’s what we want the community to know, community involvement. That is why we’ll have people of influence, leadership, the churches, the temples, the mosque involved. And publication of the list of persons who are benefiting from the bank,” he said.
Ali says the wider goal is to diversify Guyana’s economy, expand local production and reduce dependence on oil and gas by creating opportunities across multiple sectors.