Department of Public Information, Guyana

Tag: revolving fund

  • $3M in business loans disbursed to persons living with disabilities

    $3M in business loans disbursed to persons living with disabilities

    Angad Duncan lives in Region One and has faced many challenges since he lost his sight in 2015. It has been difficult for him to travel from his hometown to Georgetown for treatment and medical help.

    Angad Duncan receives his small business loan from the Permanent Secretary of the Ministry of Tourism, Industry and Commerce, Mr Roger Rogers

    Duncan has never let his disability define him. He is devoted to supporting his family and has started a small business to ensure a stable income for their future.

    This determination has paid off. He was one of six individuals living with a disability who benefitted from the Small Business Bureau’s (SBB) Revolving Fund.

    Duncan received a business loan on Wednesday from the Ministry of Tourism, Industry and Commerce.

    As part of the government’s efforts to empower vulnerable groups through entrepreneurship, the fund was launched in 2023 and is a collaboration between the Ministry of Tourism, Industry and Commerce and the Ministry of Human Services and Social Security.

    Another beneficiary, Cherie Ann Savoury, said he is happy that the government continues to involve the vulnerable community in its development plans.

    “It gets frustrating sometimes because we don’t know where another meal is coming from, so I’m glad that they’re really helping us, so that we can help ourselves,” Savoury told the Department of Public Information (DPI).

    “I think this loan initiative is good for persons with disability. I think it’s great for me and the business I am trying to do. It would elevate me financially and would make me financially stable,” Neville Douglas, another recipient, said.

    Through this initiative, recipients can access loans of up to $500,000 with 0 per cent interest, zero collateral and a repayment schedule of up to four years.

    With over 41 loans disbursed since its inception, the self-sustaining fund, valued at $36 million, was designed to allow beneficiaries to reinvest in the programme, providing other individuals with an opportunity to pursue their entrepreneurial goals.

    Minister of Tourism, Industry and Commerce Susan Rodrigues, alongside the six loan recipients

    During the ceremony, Minister of Tourism, Industry and Commerce Susan Rodrigues highlighted the core principles of inclusivity and the importance of enabling Guyanese to contribute meaningfully to national development.

    “With this investment, we are not only supporting businesses, but also recognising the immense potential, creativity, and resilience of our people,” she explained. “Each of you has demonstrated the physical challenges that do not limit your productivity or your ambition. Instead, you have seized this opportunity and embraced your potential.”

    Through the SBB, over 10,000 entrepreneurs were trained in areas like business plan writing, small business management, financial management, marketing, customer service and practical skills, improving efficiency, productivity and effectiveness among small businesses.

  • Forestry sector production increased by over $15.6B since 2020

    Forestry sector production increased by over $15.6B since 2020

    Through a series of comprehensive programmes and policies, Guyana’s forestry sector  has experienced significant growth since 2020. Production within forestry increased by over $15.6 billion.

    This increase is remarkable against the backdrop of the sector’s abysmal state prior to 2020, when more than 15,000 forestry jobs evaporated.

    President Dr Mohamed Irfaan Ali

    According to President Dr Mohamed Irfaan Ali, not only has the forestry regained its 15,000-strong workforce, but thanks to government policies and investments, more than 25,000 persons are now employed in the sector.

    President Ali described this as a remarkable turnaround during a live broadcast on Sunday afternoon.

    He explained that more than 550 small foresters occupy in excess of 2.5 million hectares of land today, a clear sign that the sector is enjoying a period of rapid revitalisation.

    “And 22 medium-scale foresters occupy 2.7 million hectares of land. If you check it, more than five million hectares of land is occupied by the small and medium-sized foresters,” the president explained.

    Highlighting some of the measures implemented to sustain the sector, the president said that his government is exploring new, niche and high-yield markets for foresters, while ensuring that local yields match the highest international standards.

    Additionally, between 2021 and 2024, the government issued over 150 small concessions and five large forestry concessions.

    President Ali reminded Guyanese that during the previous administration’s tenure, a 118 per cent increase in fees placed a  over-sized burden on small and medium-sized foresters.

    “When we came back into office, we removed the VAT on machinery and equipment. They imposed VAT on machinery and equipment, not only the fees, but all the incentives to support the small and medium-sized foresters. They had the VAT on exports, and they had VAT on hinterland travel. Can you imagine that?” the president said.

    He further stated, “We removed the VAT on these things and offered those as incentives to the small, medium-sized and large-scale operators in the forestry sector. The government also amended the log export policy to allow sawmillers to export logs. Sawmillers could go directly to the international markets and export their log.”

    These interventions, he stressed, were made following consultations with all stakeholders in the sector.

    To complement these measures, in 2022 the government established a $900 million revolving fund for small and medium-scale loggers to increase production in the forestry sector.

    President Ali said the fund has already empowered 13 persons with access to almost $300 million from this fund.

    “Since returning to power, the PPP has rescued the [forestry] commission, paying off all its debts. All the debts we inherited, we paid off. And the workers today are being paid on time and not delayed for months and in alphabetical order,” the president said.

  • Gov’t crafting modern, stable financial system – President Ali

    Gov’t crafting modern, stable financial system – President Ali

    President, Dr Mohamed Irfaan Ali on Thursday outlined several elements of the government’s transformational plan for the cultivation of a modern, competitive economy.

    The president was at the time speaking at a press engagement at State House.  

    President Dr Mohamed Irfaan Ali

    The president said that a key facet of this commitment is the stability of the financial system, and the improvement of its ability to align with global standards and regulations.

    “There are a number of areas that are critical to the development of this modern infrastructure that we want to build here in Guyana…[the] digitisation of our economy, the speed and efficiency of which we can process transactions, the efficiency of the public service, the openness and transparency of the system, developing a system that is rule-based, [and] systemic in nature, one that removes human biases, and one that ensures there’s predictability in everything we do. That is what modernisation is about,” the president said.

    The president acknowledged the litany of legislative reforms that the government is spearheading, and on Thursday, he sought to flesh out the impact that these reforms have on the country’s economy.

    Detailing several indicators that depict the stability and wellness of Guyana’s financial system, President Ali disclosed that credit to the private sector grew from $259.9 billion in 2020 to $376 billion in 2023, representing a 44.7 per cent increase.

    “What that tells us is that there is expansion in the private sector, that there is trust in the policy framework of the country, and that there is confidence in the private sector and by the private sector in investing in Guyana,” the president pointed out.

    He further explained that, in addition to strengthening domestic systems, the government has been keen on fostering international partnerships. As an example, he pointed to the significant contributions of IDB-Invest, the private sector arm of the Inter-American Development Bank, to Guyana’s private sector growth.

    Since 2020, IDB-Invest has authorised 14 transactions in Guyana, reflecting a $173 million investment, and targeting a range of sectors, including hospitality, education, and oil and gas.

    “Now this is important because one may say that the investment might be totally around oil and gas, but what we are seeing is the diversified nature of the investment from IDB Invest,” he pointed out.

    The president later said, “This confidence comes when people have, when investors and institutions have confidence in the system you’re building, in the way in which you’re approaching the development of your economy.”

    Capitalising on this momentum, the government will implement a series of measures to modernize its legislative, regulatory, and policy infrastructure, fostering a more competitive environment.

    Along this vein, the Financial Institutions Act (FIA) will be updated to modernise the banking sector and align it with international banking standards.

    Building on its successful support for micro, small, and medium-sized enterprises (MSMEs), the government plans further investments to strengthen this crucial demographic. Additionally, they aim to generate wealth at the community level through initiatives like housing developments and increased employment opportunities.

    “What we have seen since the re-energising of the housing program here from 2020 is the low-income mortgage ceiling has increased from $8 million to $20 million, which means that the same special conditions that were attached to $8 million loans are those special conditions that are attached to $20 million loans now,” he said.

    This commitment to increasing the spending power of Guyanese has prompted notable reductions in non-performing loans.

    “Non-performing loans, which peaked at 32.9 billion in 2020, reduced by 59 percent to 13.4 billion at the end of 2023. That is as a result of some financial planning…the strength of our financial system, the viability of our financial system, and the results of the targeted policies we are introducing,” the president underscored.

    Other interventions, such as the operationalisation of the National Payment System and the establishment of a revolving fund for the forestry sector have been part and parcel of the government’s plan to ensure that Guyana’s financial system is on solid footing.

  • First batch of business owners living with disabilities receive interest-free loans

    First batch of business owners living with disabilities receive interest-free loans

    Eight small business owners living with permanent disabilities were on Wednesday provided with financial funding to propel their businesses through the government’s revolving fund.

    The distribution exercise was made possible through the collaboration of the Ministry of Human Services and Social Security and the Ministry of Tourism, Industry, and Commerce – Small Business Bureau, to eliminate the unique challenges people living with disability experience when it comes to accessing finances, specifically loans.

    Minister of Human Services and Social Security, Dr Vindhya Persaud, and Minister of Tourism, Industry and Commerce, Oneidge Walrond with recipients of the small business loan

    Among the first batch of beneficiaries was 27-year-old, Asif Khan who has a passion for electronics, specifically computers.

    Khan told the Department of Public Information (DPI) that he would utilise the finances to start up a computer supplies store, noting that this would not have been possible without the government’s assistance.

    Minister of Human Services and Social Security, Dr Vindhya Persaud

    “I think it is a good initiative by the government, it is historical in the sense that persons with disabilities now have more opportunities to be self-sufficient, self-independent and those who are unable to get employment at least they can venture off into setting up their own businesses and becoming their own boss. So that’s important,” the young man highlighted.

    He also lauded the government for the level of inclusivity portrayed in a plethora of programmes and policies implemented over the past years.

    Minister of Human Services and Social Security, Dr Vindhya Persaud and Minister of Tourism, Industry and Commerce, Oneidge Walrond handing over a cheque to Odessa Evans

    Another recipient, Odessa Evans who has a love for poultry said because of her disability, she was bullied and discouraged, but the government’s initiative is a ray of hope.

    “[It] teaches us that even though we have a disability it doesn’t stop there, we have a long way to go and we can achieve anything and do anything and I am very thankful to the government,” an elated Evans said.

    Minister of Human Services and Social Security, Dr Vindhya Persaud and Minister of Tourism, Industry and Commerce, Oneidge Walrond handing over a cheque to Lawrence Braithwaite

    Similarly, owner of Braf Manufacturing, Lawrence Braithwaite, shared that because of the gesture by the government, he is now able to expand his small business.

    Braithwaite told DPI that the government had assisted him before in fuelling his passion for the establishment of his business. As a result, he was able to be gainfully employed.

    Additionally, Mohamed Shameer welcomed the initiative and explained “It is very challenging for me with the business but I am very thankful to the government for this. It would benefit me a great lot…I was down and out and I needed this. This would help me to restock my business and get going.”

    Meanwhile, Minister of Human Services and Social Security, Dr Vindhya Persaud said the programme was carefully organised with vulnerable citizens in mind.

    “Together, we are establishing a programme that I have no doubt will expand…The thinking behind this programme was a simple one and it meant that persons living with disabilities, their access to loans, their access to finance, and their access to development to areas of entrepreneurship would be guaranteed because this initiative is specially geared for them,” Dr Persaud underscored.

    Minister of Tourism, Industry and Commerce, Oneigde Walrond

    Similarly, Minister of Tourism, Industry and Commerce, Oneidge Walrond said the programme aligns with the president’s One Guyana vision that ensures the development of every citizen.

    “This is the first of its kind and it is a record-breaking, trailblazing initiative. This is an example of our government’s philosophy of One Guyana, that no person should be excluded from the bounty, the development plans, and programmes of the government,” Minister Walrond added.

    The fund is easily accessible and business owners living with disabilities can borrow as much as $500,000 with zero interest and no collateral.

  • $900M revolving fund officially launched for forestry sector stakeholders

    $900M revolving fund officially launched for forestry sector stakeholders

    The $900 million forestry revolving fund for small and medium-sized loggers was officially launched on Tuesday at the Arthur Chung Conference Centre.

    During a ceremony held to commemorate International Day of Forests, and to mark the launch of the fund, Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, emphasised the need for investments in the forestry sector, noting that forests remain an integral part of environmental conservation.

    Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh at the launch of the $900 million forestry revolving fund on Tuesday

    “It is significant that we chose the International Day of Forests 2023 to launch publicly this forestry revolving fund, which was an initiative of President Ali, where he recognized not only the importance of sustainable forest-based industry but also some of the constraints faced by those operating in the sector,” he said.

    The fund is part of the government’s commitment to increase focus on small, medium and community loggers, and will see the government of Guyana contributing $300 million, while Demerara Bank Limited will provide the remaining $600 million.

    “This initiative represents an important example of partnering with the private sector—in this case with a leading and pioneering commercial bank in Guyana,” he said.

    The establishment of the fund is expected to address some of the challenges faced in the forestry sector in terms of the availability of easily accessible, low-cost financing, especially for small-scale operators.

    It will be utilised to issue loans to individuals and companies operating within the forestry sector, for the purpose of increasing production and value-added products in the sector.

    The process of selecting eligible persons will be overseen by Demerara Bank Limited.

  • Finance Minister signs $900 Million Revolving Fund MOU with Demerara Bank Limited to boost Forestry sector

    Finance Minister signs $900 Million Revolving Fund MOU with Demerara Bank Limited to boost Forestry sector

    – in keeping with President’s commitment during meeting with Forestry stakeholders

    Following up on President Irfaan Ali’s announcement in October of a $900 Million Revolving Fund to boost Guyana’s forestry sector, Senior Finance Minister Dr. Ashni Singh today, on behalf of Government, signed a Memorandum of Understanding (MOU) with Demerara Bank Limited during a simple signing ceremony at the Ministry of Finance. As can be recalled, President Ali had indicated during his announcement that Government’s intention is to increase its focus on small, medium and community loggers and had noted that Government and Demerara Bank Limited will collaborate to make available the $900 Million revolving fund to increase production in the forestry sector. The signing was witnessed by Minister of Natural Resources Vickram Bharrat, forestry sector stakeholders including representatives of the Guyana Forestry Commission (GFC) and the Guyana Manufacturing and Services Association (GMSA).      

    The establishment of the Fund is expected to address some of the challenges faced in the forestry sector in terms of the availability of easily accessible, low cost financing, especially for small scale operators. Meanwhile, the $900 Million Revolving Fund comprises a commitment of $300 Million by the Government of Guyana and a further $600 Million commitment by Demerara Bank Limited to address the challenges. It is expected to be utilized by individuals or companies operating within the forestry sector for the purpose of increasing production and value-added products in the sector.

    Speaking during the ceremony, Dr. Singh reiterated that despite Guyana’s economy growing due to the oil and gas sector, Government remains committed to ensuring that the country’s economy is also diversified and resilient and not dependent solely on the oil sector and as such is continuing to work towards the country building a ‘vibrant, competitive and rapidly growing non-oil economy’.    

    “Naturally oil and gas will be driving a lot of the incredibly exciting economic growth that we’re seeing in Guyana, in 2022 we’ll see out economy grow in excess of 50 percent of real terms and in 2023 we are going to see our economy continuing to grow by an astronomical 25 percent or thereabouts and this is expected to continue into the medium term based on current proven reserves comprised of 11 billion barrels of oil but of course exploration is still ongoing…,” he added.

    Dr. Singh pointed out as well that in keeping with Guyana’s historical and pioneering Low Carbon Development Strategy (LCDS) which has resulted in Guyana being the first country to gain the first sale transaction of certified carbon credits under which Guyana has already earned US$75 Million as a first transaction of an ongoing series of transactions, that the realization of the forestry sector’s growth will be achieved in the context of continued responsible management of Guyana’s forestry resources and continued strong emphasis on value-added production.

    Noting that access to financé has been a bottleneck for small loggers in Regions 1 and 10 in particular who are in need of same to capitalize or to recapitalize their operations as well as the need for available concessions to produce, Minister of Natural Resources Vickram Bharrat who witnessed the signing today, noted that the Forestry sector is in a better position than it was when Government returned to office in 2020 and that to date the GFC has allocated over 100 concessions to local small Guyanese loggers with the second issue being access to financing being addressed currently.

    “So it is indeed pleasing for me as Minister of Natural Resources that we have reached this stage where we bargained (ofcourse with the intervention of His Excellency President Ali) with Demerara Bank Limited that we can now access finance for our small loggers, our sawmillers and to ensure that the forestry sector is being restored and returned to its former glory days,” Minister Bharrat added.  

    Minister Bharrat reminded that Government also has a housing project initiative with Barbados and St. Vincent and the boost to the forestry sector for further production through the MOU initiative signed today would assist in ensuring that there will be a further increase from that in 2022 and more production in the years beyond.       

    Signing on behalf of Demerara Bank Limited was General Manager Dowlat Parbhu who said that the Bank was pleased to partner with Government in the monumental initiative that will help to boost the sector. He recalled that the Bank has been supporting a number of sectors including agriculture alluding to the Bank’s launch of the Farmers’ Credit Line which provides loans to farmers for up to $1.5 Million at a very concessional rate. He noted that almost 300 farmers have been loaned financing from the last crop and this has helped many to return to the fields which in turn helps the sectors in Guyana which depend on rice especially.

    “Today we are ensuring that for another sector in Guyana credit is available,” he added as he thanked President Ali for the initiative.        

    President Ali, in October had highlighted that financing through the Fund would be provided at an affordable interest rate of 4 percent and that Government would work in conjunction with the bank to prequalify persons based on recommendations from the GFC following which a system would be put in place to provide access to financing so that there would be an increase in cash flow for production. He had also emphasized that his Government is committed to supporting small, medium and community-based loggers but that there must be “clarity, good governance, transparency, accountability and a system that works”.

  • $900m revolving fund to boost forestry sector – President Ali

    $900m revolving fund to boost forestry sector – President Ali

    – Says Govt will increase focus on small, medium and community loggers

    His Excellency Dr Irfaan Ali today announced that the Government of Guyana and Demerara Bank will collaborate to make available a $900m revolving fund to increase the production of the forestry sector.

    The Head of State made the announcement while delivering brief remarks at a Guyana Forestry Commission (GFC) stakeholders’ engagement at the GFC Kingston office.

    The President said that with the funds, the Government and the commission will place more emphasis on the development and expansion of small and medium-scale loggers and community loggers associations.

    “We are now going to unleash $900m for the market to step up production, so that we can meet the demand, especially for the value-added product, and to push the sector, to give this sector a real boost because we are very concerned about the production level and where it should be to meet our national demand in the markets that we’re building.”

    The partnership between the Government and Demerara Bank, once completed, will see the latter contributing $600m and the Government $300m.

    These funds, the President added, will attract an “unbelievable” interest rate of 4%.

    The Head of State explained that the Government will work along with the bank to prequalify persons based on recommendations from the GFC. After which, a system will be put in place to give access to “bridge financing” in order to increase cash flow toward production.

    He emphasised that his Government is committed to supporting small, medium and community-based loggers but that there must be “clarity, good governance, transparency, accountability and a system that works”.

    The Government would also continue to invest in infrastructure and encourage loggers to do their part in “accelerating the sector”. This, he said, is aimed at increasing production because he “is not happy with the production that we’re having now”.

    During the meeting, President Ali also met with staff from the GFC, listened to their concerns and provided on-the-spot solutions.

    One of the issues raised related to the late payment of salaries. To remedy this, the President said, a $100m advance will be given to the GFC to ensure that all of their staff are paid on time.

    The Minister of Natural Resources, the Honourable Vickram Bharrat and other government officials were also at the meeting.

  • $900M revolving fund to support forestry sector- President Ali announces

    $900M revolving fund to support forestry sector- President Ali announces

    His Excellency, Dr Mohamed Irfaan Ali has announced a $900 million revolving fund to support the country’s forestry sector.

    His Excellency Dr Mohamed Irfaan Ali

    The announcement was made during a stakeholder consultation at the Guyana Forestry Commission in Kingston, Georgetown on Friday afternoon.

    “We will set aside $300 million in the revolving fund from the government and Demerara Bank has agreed with me to set aside $600 million to back the $300 million. That is $900 million, the interest rate unbelievable of 4 per cent,” the president said.                                                                     

    President Ali stated that $900 million to be unleashed to the market will boost production to meet the demand, particularly for value-added products.

    “We are very concerned about the production level and where it should be to meet our national demand,” he noted.

    Through a partnership with the Ministry of Natural Resources and the Guyana Forestry Commission, a committee was set up to ensure operators and other stakeholders operate by the relevant guidelines and regulations, President Ali said.

    The intervention is in keeping with the PPP/C Administration’s commitment to supporting the sector and ensuring its full potential is realised.

  • PM launches revolving fund for female micro-enterprise entrepreneurs

    PM launches revolving fund for female micro-enterprise entrepreneurs

    -Presents over $1.7M in equipment to Mocha-Arcadia women

    Prime Minister, Brigadier (Ret’d) Mark Phillips this afternoon presented over $1.7M in equipment to six women of Mocha-Arcadia, during a simple ceremony at his office to launch a revolving fund for female micro-enterprise owners.

    Each recipient is expected to repay 60% of the value of their items, with their first instalment due two months from today.

    Overall, they have a maximum of 18 months to repay the interest-free debt, which will be placed into a revolving fund to provide similar assistance to additional persons.

    The Prime Minister said that he expects that the beneficiaries will utilise the opportunity to build their businesses and contribute to the development of their communities by turning their micro-businesses into small and medium-sized ventures. 

    “It is the intention of my office and other agencies of our Government to support micro-enterprise and to empower our women…. When I took the oath of office as Prime Minister, one of the things I said is that I will be Prime Minister for all of the people of Guyana”.

    The recipients: Adwoa Adams, Anola Johnson, Beverly Mc Lean, Ester Barker, Mandy Gillis and Shelene Jones, are all proprietors of small businesses within the community.   

    The initiative which is themed “Empowering Women: Improving Village Economies” is expected to be replicated throughout various communities around the country. 

    “It is our Government’s intention to go into every community throughout the country and support the development and the wellbeing of the people”.   

    Chairman of the Mocha-Arcadia Neighbourhood Democratic Council, Mr Rudolph Adams said that the initiative will assist the community in achieving its economic agenda.

    “We have been working with the different Ministries and now I’m proud to say that we are benefitting from the Office of the Prime Minister”.

    Final year Agriculture student of the University of Guyana and farmer, Ms Ester Barker received a weeding machine to assist her with vegetation management of a one-acre plot of land where she farms permanent crops (fruit trees). 

    She applauded the initiative and pointed out that it is needed at the community level.

    “This assistance will help me greatly…I think it’s a great initiative in terms of empowering women and improving their livelihoods … it will also assist our village economy by growing our businesses so that we can purchase from each other”.

    Ms Jones, received a Rotisserie machine to enhance her business in chicken and ham production.

    She said that a significant challenge has been access to finance to expand her business, but she has been persistent.

    “Despite the challenges, it is important to keep at it, because growth in business does not come overnight. One has to be consistent and keep working hard”.

    Also present during the event was Minister within the Office of the Prime Minister with responsibility for Public Affairs, Honourable Kwame Mc Coy and the Prime Minister’s Representative for Region Four, Bishop Patrick Findlay.