As Guyana’s economy continues to grow, supported by government’s efforts on fostering the environment for private sector expansion, more private sector entities have been widening their investments across the country. On this note, another milestone was reached today with the signing of a loan agreement at the Ministry of Finance overseen by Senior Finance Minister Dr. Ashni Singh. It is the first loan to be accessed by a Guyanese private sector company (Pas Cargo Guyana Incorporated) through the innovation and venture arm of the Inter-American Development Bank’s IDB-Lab.
The signing ceremony followed discussions held between the IDB Group, comprising Country Representative for the Inter-American Development Bank (IDB) Group in Guyana Lorena Solórzano-Salazar, and visiting General Manager of IDB Lab Graham Macmillan and the finance minister and his team from the Ministry of Finance. Mr. Macmillan is on his first official visit to Guyana and Dr. Singh welcomed and congratulated him on his appointment. Following, this, the two teams discussed how they can continue to work together to broaden the Bank’s private footprints in Guyana through financial assistance for more private sector projects countrywide.
Signing on behalf of Pas Cargo was Executive Director of Pas Cargo Guyana Inc. Shridat Narine while the IDB Lab General Manager signed on behalf of the Bank.
Pas Cargo Guyana Incorporated was established in Georgetown in 2012 and provides logistics and freight-forwarding services, including cargo handling, customs brokerage, warehousing and last mile-delivery. Its operation is IDB Lab’s pioneering loan to a Guyanese private sector company and marks an important milestone in the Bank’s support for locally led innovation and enterprise growth.
Speaking during the signing, Dr. Singh congratulated Pas Cargo on its breakthrough being the first Guyanese company to secure the financial assistance from IDB Lab and he also reiterated his support for such ventures as he reminded that government continues to encourage more Guyanese companies to take the opportunity to engage with IDB Lab and other private sector arms of these international financial institutions.
Also delivering remarks prior to signing, the IDB Lab General Manager, Mr. Macmillan, posited that with Pas Cargo being the first Guyanese company to have such a loan approved, he was happy to be part of this, expressing the hope for many more to come.
Pas Cargo’s Executive Director, Mr. Narine, explained that it was refreshing for the company to gain this success through the loan application process and receiving positive feedback from the IDB Lab with the Bank’s team assisting the company through all of the stages. He added that this resonates well with the company and is a breakthrough for them since the Company’s 14 years of establishment in Guyana, even before the country was producing oil.
IDB Lab is the innovation and venture arm of the IDB, focusing on entrepreneurship and technology to cocreate solutions for development challenges and spark new industries for growth in Latin America and the Caribbean. It supports high-impact startups and the innovation ecosystems they need to thrive through flexible financing, practical knowledge, and global connections.
The Government of Guyana has been continuing to encourage investment in the country to assist in driving economic growth and its broad-based strategy promotes growth in the non-oil economy supported across key sectors, including construction, agriculture, tourism, mining, manufacturing and logistics, which include companies such as Pas Cargo.
Also, in attendance at today’s meeting and signing ceremony were Dr. Tarachand Balgobin, Chief Planning Officer, Ministry of Finance, Navita Anganu-Ramroop, Guyana’s Counselor to the IDB Board, and Maria Niles, Private Sector Development Consultant, IDB Lab.
