222 loans disbursed, 559 grants issued under MSED programme 

DPI, Guyana, Tuesday, December 11, 2018

Two hundred and twenty-two loans along with 559 grants were so far made available for small businesses in Guyana, Minister of Business Dominic Gaskin today reported.

Minister of Business Dominic Gaskin.

The loans and grants fell under the Inter-American Development (IDB) bank’s US$5million funded Micro Small Enterprise Development (MSED) programme, with “US $3.68 Million catering to the loans and the grants covered by G$171 million,” Minister Gaskin said.

The programme which began in 2013 was executed in two parts; access to finance and business development services. It came to an end in October of this year, and Minister Gaskin told the Committee of Supply that the government has sought a second phase of the programme, which will be subject to a review.

At the closing of the first phase in late September, Minister Gaskin stressed that the second phase of the MSED programme will be critical to small businesses since Guyana is at an economic crossroad with its recent oil find. He said more needed to be done in the trajectory towards a green economy through which small businesses can take centre stage.

The Business Minister further commended the IDB for its solid partnership in the project and the entire SBB team along with partnering banks and firms.

IDB Country Representative, Sophie Makonnen expressed satisfaction with the programme’s success and its role in creating an enabling environment. She recommended continual training to ensure more success going forward.

Alexis Rodney.

Image: Keno George.