President Dr Mohamed Irfaan Ali on Thursday assented to the Guyana Development Bank Act 2026, officially bringing into force the legislation that establishes the country’s newest financial institution and paving the way for thousands of small and medium sized businesses to access financing, mentorship and technical support.
The Act, which was passed in the National Assembly on Monday, creates the legal, institutional and administrative framework for the Guyana Development Bank to begin operations as a key pillar of the government’s strategy to expand entrepreneurship, stimulate investment and strengthen the productive sectors.
With the president’s assent, preparations can now advance for the rollout of the bank’s flagship financing programme, under which eligible entrepreneurs will be able to access loans of up to $3 million without the need for collateral and at zero interest.
Beyond financing, the bank will offer comprehensive business development services, including assistance with preparing business plans, improving financial management and strengthening operations.
The support is designed to help entrepreneurs grow sustainable enterprises that can eventually qualify for financing through the commercial banking sector.
The legislation marks another significant milestone in the government’s efforts to remove long standing barriers that have prevented many aspiring entrepreneurs from accessing affordable capital.
The legislation was passed in the National Assembly after being piloted by Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh, who said the Bank would unleash a new wave of entrepreneurship by making affordable financing available to thousands of small businesses that have traditionally faced challenges accessing credit. (DPI)
