.png)
The Guyana Development Bank Bill was passed in the National Assembly on Monday, paving the way for budding entrepreneurs to get financing for their business ventures while also enjoying technical support to ensure their success.
Key features of the Guyana Development Bank include:
- Zero-interest and zero-collateral loans of up to $3 million for eligible borrowers
- Unlocking additional financing of up to $7 million through a co-financing mechanism
- Technical support including the development of business plans and financial literacy efforts
Through the bank, the Irfaan Ali-led government believes it will better support entrepreneurs and spur greater economic activity.
“Small and medium-sized businesses have been the lifeblood of the Guyanese economy since time immemorial. These small businesses, in addition to providing essential goods and services, have proven over the decades and centuries to be an essential source of economic livelihood for Guyanese men, women, and families throughout the economic history of our country,” Finance Minister Dr. Ashni Singh said.
The Bank is meant to provide support particularly to groups of people who have traditionally been affected by lack of or limited access to financing. Youth, farmers and Indigenous peoples are among those set to benefit from the interest-free and collateral-free loans.
The Guyana Development Bank Bill was piloted by Dr. Singh, and approved by the government majority after opposition Members of Parliament declined to participate in the debate while protesting in the chamber over Guyana’s MV Barima tragedy.
.png)
.png)
.jpg)
