GCCI backs the establishment of Guyana Development Bank

The Georgetown Chamber of Commerce and Industry (GCCI) has expressed full support for the Guyana Development Bank, citing the urgent need to expand access to financing for small and medium-sized enterprises (SMEs).

The development bank, a commitment made by the People’s Progressive Party/Civic (PPP/C) in its 2025 manifesto, will provide young entrepreneurs, women, SMEs and persons living with disabilities with access to $3 million in microcredit loans.

During an interview with the Department of Public Information (DPI), the president of the GCCI, Kathy Smith, said that while Guyana is experiencing rapid economic growth, the absence of the right financial systems could undermine the country’s long-term development.

“If the financial framework, the infrastructure and the financial institutions are not in place, the natural wealth would be a burden to our country rather than a blessing,” she stated.

Smith acknowledged the role of commercial banks in supporting the economy, noting that they remain critical to financial stability.

She explained that their structure as profit-driven institutions limits their ability to meet the needs of all entrepreneurs, particularly those in the micro, small and medium-sized sector.

The main challenge, she said, was that many business owners face a financing gap that prevents them from expanding their operations. She noted, however, that “a lot of people are not documenting and putting systems in place for longevity… We want you to start getting on board with structuring your businesses.”

A well-structured development bank would provide concessional financing, longer repayment periods, and targeted support for key sectors such as agriculture, manufacturing, agri-processing, and the green economy.

She also highlighted that the institution could play a transformative role in empowering entrepreneurs, particularly women and small business owners, by improving access to capital and building long-term capacity.

”Your ideas are not the problem. Your work ethic is not the problem. There is a vacuum between what you dream about and what you can deliver to your clients. And that vacuum needs to be filled with finance. I think Guyana should feel proud that we have a government that is building out this country,” she said.

With an allocation of $100 million towards this initiative, a nationwide sensitisation process is being rolled out to educate individuals and businesses on how to access financing through the development bank.

The GCCI has indicated its readiness to support the government in ensuring the successful rollout of the initiative, which is expected to significantly strengthen Guyana’s private sector and promote more inclusive economic growth.