President Dr Mohamed Irfaan Ali has positioned the Guyana Development Bank as a transformative instrument that will expand access to finance while creating a broader ecosystem of mentorship, technical support and market opportunities for Guyanese entrepreneurs.
The president made the remarks during an open discussion on Sunday with senior representatives from the banking and private sectors, entrepreneurs and community advocates, as government prepares for the Bank’s October 5, 2026 launch.
The engagement focused not only on access to financing, but on how the institution can help ordinary Guyanese convert ideas into viable businesses, strengthen existing enterprises and participate more meaningfully in the country’s expanding economy.
The bank is expected to begin operations with an initial capital injection of US$100 million, offering eligible borrowers financing of up to G$3 million, including zero interest and zero collateral loans. Mentorship, training and technical assistance will form an integral part of the model.
President Ali said the institution will be deliberately structured to reach communities at the grassroots level, including hinterland and riverine communities, while targeting opportunities across agriculture, agro processing, tourism, manufacturing, services and technology.
“This is not a grant. This is your opportunity to earn. This is your opportunity to pay back. This is an opportunity to build your credit.”
He explained that the bank’s role will extend beyond simply approving loans.
Prospective borrowers will be assisted in refining their ideas, developing proposals and connecting their enterprises to existing Government programmes, technical services and established markets.
The head of state said this approach could allow individuals with modest operations to work collectively, creating larger and more efficient enterprises.
He pointed to examples in agriculture where groups of single mothers, farmers or young entrepreneurs could combine their efforts, access modern infrastructure and benefit from technical expertise, thereby improving productivity while addressing challenges at the community level.
“The whole intention is to use this opportunity to build something that is long lasting, strategic, strong, and of course, is not in competition at all with the commercial banks. This is really to unlock more financing.”
A major focus of the discussion was the creation of stronger links between small businesses and larger commercial enterprises.
President Ali outlined opportunities for locally produced foods, agricultural products and other Guyanese brands to enter larger domestic, regional and international markets. He also highlighted the potential for entrepreneurs to supply established businesses, including through value added processing and organised production.
The president said the development of local brands and their expansion throughout the Caribbean must become part of the country’s entrepreneurial landscape, particularly as Guyana seeks to position its businesses within a growing regional market.
The discussion also examined opportunities in community based tourism, information technology, food processing and high value agriculture.
President Ali pointed to possibilities such as organised dragon fruit production, modern poultry facilities, eco lodges and packaged Guyanese food products, stressing that the emphasis should be on moving from fragmented individual production towards coordinated and scalable enterprises.
He further emphasised the importance of financial literacy and responsible management once businesses begin generating income.
“It’s economic transformation. Financial empowerment. It’s about widening the depth of income, adding more disposable income in your pocket, helping in the diversification of our economy and building the grassroots aspect of the economy stronger.”
The president said the Development Bank will also provide a mechanism through which entrepreneurs can build credit histories and eventually graduate to larger financing through the commercial banking system.
Under the planned co financing arrangement, successful borrowers can potentially access additional financing of up to G$7 million from traditional lending institutions at favourable interest rates. The Bank will also facilitate the formation of consortia, allowing beneficiaries to achieve greater scale, specialisation and risk sharing.
The engagement brought together representatives with experience across banking, entrepreneurship, financial literacy, community development and business management, creating a platform for discussion on how the public and private sectors can work together to strengthen Guyana’s emerging entrepreneurial ecosystem.
President Ali said the initiative will require the collective involvement of commercial banks, established businesses, mentors, technical professionals and community leaders.
DPI
