More govt investments will spur economic expansion, create jobs

─ Govt programmes supporting improved livelihood, small business development

─ 477 investment proposals valued at $344.3 Billion processed by GO-Invest thus far

─ 3,000 entrepreneurs benefitted for $1.2Billion in grants under micro-financing initiatives

─ 400 community projects being financed through SLED

─ $3.7 Billion in grants provided under CORE, ADF and BNTF

DPI, Guyana, Saturday, August 18, 2018

The Coalition Government has been and will continue promoting job-creation and support community projects which improve livelihoods, through its programmes and policies.

President David Granger restated his government’s commitment to small and micro-enterprise development during a feature address at the 20th Biennial Delegates Conference of the Peoples’ National Congress Reform (PNCR).

The president did not shy away from highlighting the plethora of projects and programmes being executed by the Ministry of Business and its supporting agencies, along with the Ministry of Indigenous Peoples’ Affairs.

President Granger said investment is being increased to create new jobs and to spur continued economic expansion.

He pointed to the processing of some 477 investment proposals by the Guyana Office for Investment (GO-Invest) to the value of $344. 3 Billion since the Coalition Government’s assumption to office in May 2015.

Regional Agricultural and Commercial Exhibitions (RACE) and micro-financing initiatives are stimulating enterprises and village economies and generating self-employment, President Granger said.

The three micro-financing interventions – the Linden Enterprise Network (LEN), the Micro- and Small-Enterprises Development (MSED) project and the Hinterland Employment and Youth Service (HEYS), the Head of State informed, have provided $1.2 Billion in grants and loans to more than 3,000 entrepreneurs, including first-time business start-ups.

Under the Sustainable Livelihoods and Entrepreneurial Development (SLED) project, almost 400 community projects are being financed, while some $3.7 Billion in grants have been granted under the Community Organised for the Restoring the Environment (CORE) project, the Amerindian Development Find (ADF) and the Basic Needs Trust Fund (BNTF).

Minister of Business, Dominic Gaskin, in the National Assembly, had unveiled the plan of the Small Business Bureau (SBB) to implement a programme, where companies that meet the standards and quality criteria would be recommended to larger companies looking to sub-contract or contract Small-to-Medium Enterprises (SME.)

Further, $100Million was allocated towards the establishment of the revolving Small Business Development Fund to assist businesses that cannot meet the requirements of the traditional banking system.

Stacy Carmichael

Image: Keno George