By Josiah Williams
President Dr. Irfaan Ali has called on financial institutions to play a critical role in Guyana’s ongoing development by creating innovative and affordable products that will benefit citizens.
Speaking at the inauguration of the new $1.8 billion Citizens Bank branch on Mandela Avenue, the president stressed the need for banks to support the government’s efforts in ensuring that more Guyanese can access services efficiently.
He highlighted that as the country experiences rapid economic growth, financial institutions must align with the government’s vision by improving the quality of services and expanding access to credit.
These measures, Dr. Ali said, are essential to facilitate the transition into a more developed economy.
The president also referenced several financial reforms introduced by his administration since taking office.
These reforms have made it easier for citizens to obtain loans for housing and businesses, contributing to Guyana’s economic boom.
In addition, upcoming amendments to the Financial Institutions Act will allow international banks to offer their financial products locally, further boosting foreign direct investment and providing local businesses with increased access to credit.
The opening of the new Citizens Bank branch reflects the institution’s commitment to supporting the government’s developmental agenda.
According to Dr. Ali, the country’s strong mid-year financial report is a testament to Guyana’s positive economic trajectory, which continues to benefit from the collaboration between public and private sectors.