With Bill passed, what's next for the Guyana Development Bank?

Now that the National Assembly has approved the Guyana Development Bank Bill, it should be making its way to President Dr. Irfaan Ali for assent and will thereafter become law.

However, efforts to operationalise the Bank are already moving ahead.

According to Guyana's Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, regional offices of the bank are being established across the country. Each office will be staffed by technical personnel able to provide guidance on financial management, marketing and general business management.

"Whether you have the proposal or you're coming with an idea, those staff will be trained to help you with developing your project proposal," Ally said in a Facebook video shared on Tuesday.

"The idea and the thrust of this is that we want every citizen who receives a loan from the development bank to be successful with what they do."

Ally also issued an open call to anyone with the required skillset and qualifications — from project management to marketing and accounting — to send their applications to his ministry, or the ministries of finance, and tourism, industry and commerce.

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:

• Interest-free and collateral-free 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

The Bank is meant to provide support particularly to groups who have traditionally faced limited access to financing. Youth, farmers and Indigenous peoples are among those set to benefit.