By Delicia Janneire | February 14, 2025
The Guyana Bank for Investment and Trade (GBTI) has launched an invoice financing initiative aimed at supporting local businesses supplying goods and services to ExxonMobil Guyana.
This new facility allows registered suppliers with approved invoices from the oil giant to access advanced financing of up to 80% of their invoice value.
Announced at a launch event held at GBTI’s headquarters on Friday, the initiative is designed to ease cash flow challenges for businesses with a proven track record in the sector.
Minister of Finance Dr. Ashni Singh described the move as a significant step in transforming the financial sector.
He also urged financial institutions to expand similar offerings to other industries where credit risks are manageable.
GBTI’s Chief Commercial Officer, Rawattie Mohandeo, outlined the key features of the initiative, emphasizing that invoices will serve as collateral, eliminating the need for traditional hard assets.
Businesses can access financing with a cost-effective interest rate of 1.25% per month.
GAICO Construction and General Services Inc. has become the first private sector company to utilize the new financing service.
The initiative marks a major milestone in enhancing financial accessibility for businesses operating in Guyana’s expanding oil and gas sector.