New Merchant Bank to support growth of private sector, govt

─ Pres. Ali says investment aligns with national development priorities

The NewHayven Merchant Bank, which was officially launched on Thursday, will play a crucial role in bringing the much-needed finance and capital to develop small business, and advance infrastructural development in keeping with the government’s developmental agenda.

The Guyanese-own bank, located on Church Street, Georgetown will provide a range of services including – asset management, investment banking, mergers and acquisition, advisory services, and wealth management among others.

Speaking at the bank’s launching ceremony at the Guyana Marriott Hotel, Kingston, His Excellency, Dr. Mohamed Irfaan Ali said the investment is innovative, and aligns with the country’s national development priorities.

“We are celebrating strategic positioning of an institution to support the growth and development of the private sector and the government because I expect this bank to go hunting for the government too, low-cost financing,” the president said.

To ensure small business owners capitalise on the offerings of the bank, President Ali said that a massive educational programmme will be launched by the institution targeting persons at the grassroot and micro enterprise level.

“Micro and medium is the focus, and converting the micro and medium and maximising that potential is the output,” President Ali added. 

President Ali underscored the need to make financing more accessible for farmers and entrepreneurs. He said once the capital is available, it is important to ensure it is accessible, but the capital cost must be examined.

In outlining the government’s development plans, the President stated the persons must not confine themselves to the narrow thinking that oil and gas will develop the country and its people.

Dr. Ali, however, stated that benefits accrued from the petroleum sector will be used to develop and sustain the other sectors with a view of bringing prosperity for all.

It is for this reason, President Ali said that the administration is working with companies like ExxonMobil, to establish the country’s first national training centre, that will prepare the country’s human resources for the array of opportunities in every sector.

Owner Floyd Haynes, who is also the president of Haynes Incorporated, a Washington-based accounting and management consulting firm, noted that opportunities abound in Guyana, however none can be realised without the much-needed finance, and that is where the bank comes in. The Merchant bank, he said will serve as a catalyst for positive change for the country and its people, in keeping with President Ali’s vision for Guyana.