40 Region Three youths for new agribusiness venture

Approximately 40 young people from Region Three will be embarking on a profitable agricultural venture, anticipated to yield substantial returns.

President, Dr Mohamed Irfaan Ali presented the plan, during an engagement with the youths on Sunday morning,  at  Pyramid Restaurant and Pub, La Jalousie, West Coast Demerara.

The meeting stems from a previous engagement with athletes in Georgetown on Saturday, where President Ali presented a similar dual-pronged plan for  housing and agricultural opportunities.

The president explained that the Ministry of Agriculture will identify five acres of land in the region to establish a high-tech agriculture tunnel house, specifically a poultry farm.

The plan is to have 20 or more young people each contribute $500,000 to raise a total of $10 million in capital.

The bank will then provide an additional $40 million in financing to set up a $50 million poultry production facility capable of producing about 45,000 chickens per crop.

This would allow the young people to collectively own and operate a $100 million business venture, transforming their outlook and economic opportunities.

“If you got a job now, for example, or you have something that you’re doing, that income becomes stable. But this opportunity in building net worth, building net asset, allows you now to bring in new income, to expand your household income, to empower you without burning your existing revenue stream,” the head of state underlined.

He added, “Under this one Guyana initiative, I’m planning to target young people across all cross- sectors, whether it’s athletes, young people in the banking sector, [or the]  insurance sector, [and] young people from the fields, bringing them together.”

Recognising the presence of Chief Executive Officer of Demerara Bank Limited, Dowlat Parbhu at the meeting, the president emphasised that his government is serious about getting the banks to lend their support to these initiatives.

“We want to encourage the banks to respond in a way that will bridge the divide, remove the barriers, and make it flexible, easier,” the president stated.

He explained that the bank will offer interest rates as low as 4.5 per cent through a special programme for agribusiness loans, which is a significant win for the young people.

Minister of Agriculture, Zulfikar Mustapha said work will begin immediately on clearing the five acres of land, and he anticipates that the youths can look forward to earning returns from their investment by December.

Meanwhile, in the housing sphere, the president said the government is launching a special home ownership initiative in the region.

The initiative aims to make home ownership easier and more accessible for low to moderate income young people.

Through a cross-subsidisation approach, when young people apply for these homes, they will acquire a home above the actual valuation.

For example, if the home costs $6.5 million, the bank will provide $6 million in financing, and the beneficiary only pays the remaining $500,000.

This $500,000, difference between the home value and the financing amount, is then treated as investment money that can be used to help build a business model to support the mortgage and empower the young homeowner.

Additionally, Minister of Housing, Collin Croal,  emphasised the government’s commitment to promoting home ownership.

“In three years, the interest rate for low-income homes came down by three per cent, and 4.5 per cent for middle income homes,” the housing minister said.

He explained that while in other regions, government is tackling the backlog of cases from 2019 and before, in Region Three, applications from 2021 and prior are being prioritised. 

Minister within the Ministry of Public Works Deodat Indar and Chief Executive Officer (CEO) of Guyana Livestock and Development Authority (GLDA) Dr Dwight Walrond, also outlined additional opportunities for investment.

These announcements were met with applause and commendation, as the youth welcomed the government’s drive to foster wealth creation across the country.

Kevin Dundas said the meeting has spotlighted several avenues for investment that he plans to capitalise on, and expressed his appreciation to the government for their proactive approach to youth development.

“These projects are very good to tap into as young people. We are not only looking at farming as just traditional, but it is also a business, now that we’re in a modern system. And because we are highly populated and lots of persons are coming to Guyana, as we are an oil-producing nation…I think these initiatives are very great,” he said.

He implored other youths to get on board with some of these programmes.

Similar interventions are planned for other regions.