The newly established Guyana Development Bank (GDB) is set to commence operations with a seven-member Board of Directors and a mandate to provide accessible financing and business support to micro, small and medium-sized enterprises (MSMEs).
The bank's inaugural board is chaired by Abu Zaman, with Kathy Smith serving as Deputy Chairperson.
The other directors are James Bond, Sukrishnall Pasha, Dion Inniss, Nalinie Singh and Praem Rambharak.
The appointment of the board coincides with the coming into operation of the Guyana Development Bank Act 2026.
The legislation was passed by the National Assembly in July and received Presidential Assent on July 30. The required Commencement Order was subsequently signed on September 16 and published in the Official Gazette on September 26, designating October 5 as the date on which the Act comes into operation.
The bank is being positioned as a new source of financing for Guyanese entrepreneurs, particularly those who have traditionally struggled to access capital through the commercial banking system.
President Irfaan Ali, in a message marking the establishment of the institution, said the bank fulfils a manifesto commitment to create a more inclusive financial architecture.
He said the bank will provide up to $3 million in zero-interest, zero-collateral financing, allowing entrepreneurs to invest in their businesses while building their credit and eventually moving into the wider commercial banking system.
Ali stressed that the institution is intended to provide more than loans, describing it as a support ecosystem that will include guidance, technical support, business development services, mentorship and capacity-building programmes.
He said the bank will also operate at the grassroots level through a dedicated mobile platform, allowing people in rural areas, hinterland communities and urban centres to interact with the institution and access financing for areas including agriculture, agro-processing, tourism and technology services.
Senior Minister in the Office of the President with responsibility for Finance, Ashni Singh, said the establishment of the bank represents a major change in the financing landscape for Guyana's MSMEs.
Singh noted that Budget 2026 provided $20 billion as the bank's initial capital, representing the first tranche of the $40 billion in authorised share capital.
He said the zero-interest, zero-collateral loans of up to $3 million are intended to put greater financial power in the hands of local entrepreneurs.
Singh also said the bank is expected to process viable applications as quickly as possible, with an emphasis on reducing bureaucracy.
Minister of Tourism, Industry and Commerce Susan Rodrigues described the operationalisation of the bank as a "decisive turning point" for Guyana's micro, small and medium-sized enterprises.
She said the institution creates a new financing pathway for entrepreneurs who have faced barriers within the traditional banking system.
Rodrigues said the financing could help businesses launch or expand, strengthen existing operations, create jobs and contribute to the diversification of the economy.
She pointed specifically to opportunities in ecotourism, hospitality, village commerce and light manufacturing, while encouraging entrepreneurs to begin preparing their business plans and proposals.
Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally said the bank is intended to ensure that opportunities do not remain concentrated among people who already have assets, networks, collateral and access to capital.
He said the institution would support entrepreneurs beyond financing by helping them develop business plans, improve financial management and receive mentorship.
Ally also encouraged young people, farmers and small businesses to form partnerships and consortia to combine the zero-interest loans and undertake larger ventures in areas such as agriculture, tourism and services.
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