Establishment of Development Bank moving forward – President Ali

In keeping with one of its 2025 Manifesto commitments, President Dr Mohamed Irfaan Ali has assured Guyanese that the establishment of a special development bank tailored to Small and Medium-Sized Enterprises is moving forward.  

The head of state stated that a draft proposal will be ready by next week, showing the government’s commitment to keep its promise.

He made the remarks during his address at the inaugural Energy Insights and Breakfast Brief hosted by the Georgetown Chamber of Commerce and Industry (GCCI) on Thursday. 

“Already I have the technical team working with government to have, by next week, the draft proposal on a development bank as we had promised,” he told business leaders at the Pegasus Suites and Corporate Centre.

Previously, President Ali had said that US$200 million would be injected into this fund to support small and medium-sized businesses. 

The SME Development Bank will provide micro-credit loans to SMEs at a zero per cent interest rate, as outlined in the People’s Progressive Party/Civic (PPP/C) Manifesto 2025. 

This will be complemented with mentorships and support where appropriate to help SMEs grow their businesses 

These are among several initiatives to be piloted by the PPP/C Government to increase access to financing and innovative investment opportunities. 

Other initiatives include training and support to build the private sector, especially the SMEs, to prepare credible business plans and successful loan applications, and to create wealth opportunities for all Guyanese.