Private sector companies are gearing up for major expansion, driven by government policies and new economic opportunities.
On the latest episode of Tea on the Terrace with President Dr. Irfaan Ali,leaders from Demerara Distillers Limited (DDL) and its Subsidiary highlighted key developments.
The CEO of Demerara Bank, Dowlat Parbhu explained that the institution has significantly strengthened its capacity to finance large-scale ventures, while also expanding support for individual projects. He noted that this progress is largely due to strategic government policies, which have allowed the bank to significantly reduce its interest rates.
“Those policies that government has bring gives enormous investment confidence in the bank that we can simply go in and fund individual projects without participation….here we have reduced rates almost 40 percent over the last two three years. 40 per cent reduction,” he said.
Parbhu emphasised that individuals below the low-income threshold can now not only afford a home, but also furnish it, install fencing, and fully develop their property. As a result, loan applications have surged to nearly 6,000.
This development does not stop here, Further advancements in digital payments are also underway. Customers will soon be able to use digital cards for seamless transactions, allowing them to tap at any merchant location to pay for goods and services.
“Somebody will sit at home use their mobile app and within one minute, less than one minute will have a bank account without having to visit the bank for a debit card. We will give you digital card on your app,” he added.
Meanwhile, Komal Samaroo, Chairman of Demerara Distillers Limited (DDL), revealed that their company is investing in a technologically driven dairy project which will soon come on stream
“The spin off benefits from that investment will be phenomenal for the people in that community while at the same time we contribute to replacing milk that is imported and create products along a value chain that has export potential,” he said.
He also pointed out that demand for labour within the private sector is increasing rapidly as these developments continue to unfold.