The first set of disbursements from the Guyana Development Bank are expected soon as government moves to complete the legislative process needed to formally operationalise the institution.

Speaking during Friday’s press conference, President Dr Mohamed Irfaan Ali disclosed that the technical groundwork for the bank has already been completed, with systems and operational structures largely in place ahead of its launch.

“In our parliamentary sitting coming up, I think the legislation will be tabled, and we are hoping to have this bank fully operational,” the President said.

He explained that the bank is intended to operate in every region across the country and will play a major role in expanding access to financing and economic opportunities, particularly for small groups and emerging ventures that may face difficulties accessing traditional commercial banking services.

“We have done all of the technical work, we have the systems ready to be triggered in place, so that we can move ahead,” he stated.

According to President Ali, the institution’s model will also focus on financial policy support, coaching and venture-building initiatives aimed at helping individuals and groups strengthen their capacity to secure financing and grow sustainable enterprises.

He noted that collaborative approaches involving small groups would help unlock greater economic opportunities.

The President said once the legislative requirements are completed, the bank will be in a position to begin operations almost immediately.