By Mark DaCosta- The proposed Development Bank is facing scrutiny even before it begins processing loans, with the A Partnership for National Unity (APNU) warning that weak safeguards, political influence and unclear rules could put public funds and vulnerable borrowers at risk. The coalition supports the bank’s objective of expanding access to financing, but argues that how loans are approved, who controls those decisions and what protections exist against political interference will determine whether the institution becomes a genuine vehicle for inclusive development or another channel through which public resources can be compromised.
A press statement from the coalition on September 25, 2026, brings to light critical concerns regarding the proposed Development Bank. The coalition emphasises the need for coherent governance and transparency to safeguard public resources while promoting economic opportunities for ordinary citizens, especially the vulnerable and under-represented groups.
APNU’s statement articulates a clear dichotomy in the government’s approach: while the objective of aiding citizens’ access to financing is commendable, the means of achieving this are fraught with potential pitfalls. The coalition underscores the necessity of having a governance framework that ensures accountability, independence, and strict adherence to established rules to protect both the public’s money and the citizens it aims to serve.
This call for clarity comes in response to recent remarks made by President Irfaan Ali regarding loan approvals from the proposed bank, highlighting the potential for political interference in what should ideally be a transparent and fair process.
The President’s proposal to publish names of individuals selected for loans prior to funding, allowing for public objections that might lead to loan denial, has raised alarm bells among APNU members. The coalition argues that such a policy could contradict the very confidentiality provisions embedded in the Development Bank Act, which mandates that information obtained by the bank is to be treated as confidential, solely to be used for its operational functions unless legally compelled to disclose.
In other words, APNU insists that the government must reconcile its actions with the laws it has already enacted, ensuring consistency in governance.
Transparency Without Compromising Confidentiality
Transparency, as proposed by APNU, does not imply exposing sensitive personal financial information of applicants. Instead, the bank should be capable of providing essential metrics regarding funding distribution, approval criteria, repayment performance, and development outcomes while respecting the confidentiality of individual applicants.
Protecting the personal financial affairs of applicants is paramount, especially for the vulnerable. APNU asserts that applicants must be assured that their provided information will remain private, and any disclosures should be grounded in clear legal statutes.
Questions Over Political Influence and Governance
The coalition’s concerns extend beyond loan approvals; they reflect deeper apprehensions about the structural integrity of the Development Bank itself. Since the inception of discussions regarding a national development bank, APNU has questioned whether adequate safeguards against political interference and conflict of interest were established.
These pre-existing concerns underscore the importance of comprehensive consultations involving diverse stakeholders to refine legislation surrounding the bank’s framework before its implementation.
Had the government engaged in thorough consultations with opposition figures, financial experts, civil society organisations, and community representatives, many of the current uncertainties regarding confidentiality and transparency could have been addressed proactively.
Unfortunately, the rush towards implementation now presents us with operational policies that appear fundamentally flawed and rushed, merely weeks before the proposed bank is set to commence loan processing.
APNU Calls for Clear Rules Before Loan Processing
APNU highlights the critical need for clearly laid-out regulations governing the management of public funds. The coalition calls for the Development Bank to publish explicit eligibility criteria for loans, mechanisms to prevent political biases or favouritism, guidelines for handling potential conflicts of interest, and an independent avenue for filing complaints.
Furthermore, the coalition insists on rules regarding the collection and disclosure of applicants’ information, transparent public reporting requirements, and measurable development targets to facilitate independent evaluations of the bank’s functions.
“This should not merely be about launching the bank swiftly, but rather building it properly,” the coalition firmly declares.
The credibility of the bank hinges on more than just public promises of fairness. It is essential that the established framework ensures that political interests do not compromise its operations, thereby preserving public trust.
The President’s own reported remarks regarding his influence in loan approvals have sparked concerns over possible political overreach, suggesting a troubling precedent where decisions might be shaped by political allegiances rather than objective criteria.
For citizens to have confidence in the Development Bank, it must function impartially, ensuring that financing assistance reaches those who need it most without bias or undue influence.
APNU has reiterated its commitment to supporting inclusive development financing, prioritising the needs of impoverished and vulnerable citizens.
However, this must be accompanied by an insistence on adherence to legal frameworks, professional standards, and transparent operational rules to ensure that resources serve the interests of the nation as a whole, rather than political agendas.
The path forward requires careful examination and constructive contributions from various sectors of society to shape the standards and governance that will define the Development Bank as a truly beneficial institution for all Guyanese.
