President Ali announces new push for SME growth via Development Bank

President Dr Mohamed Irfaan Ali announced on Sunday that his government has initiated discussions with several major companies, including Banks DIH, to forge new avenues for small and medium enterprises (SMEs) through the soon-to-be-launched Guyana Development Bank (GDB).

The GDB, a state-backed financial institution slated for launch this year, will provide zero-collateral, zero-interest loans to businesses, youth, women, and persons with disabilities. This initiative, the President noted, forms part of the administration’s broader vision to empower local entrepreneurs, stimulate innovation, and dismantle long-standing barriers to financing.

Speaking at the commissioning of the Banks DIH $13.7B Malts Bottling Plant on the East Bank of Demerara on Sunday, the head of state explained that joint efforts between larger companies and the GDB can build an integrated value chain across the economy.

“Their procurement power and market access can put smaller businesses into formal manufacturing networks, spreading industrial capability beyond a few large firms and creating broader-based employment and entrepreneurship,” the president stated.

He noted that well-established enterprises can also provide mentorship, training and knowledge transfer to the smaller entrepreneurs to help them become successful.

“Legacy companies can also act as anchors within Guyana’s manufacturing ecosystem by partnering with smaller local suppliers, contracting local service providers, and mentoring emerging firms.”

The initiative is part of the government’s 2025-2030 plan to create a more inclusive and robust financial system.