President Dr Irfaan Ali has announced that the long-awaited Guyana Development Bank is nearing launch, with the government aiming to bring the enabling legislation before the National Assembly at its upcoming sitting.
Speaking with members of the media on Friday, the president said all major preparatory and technical arrangements for the institution have been completed, paving the way for the bank to begin operations once the legislative framework is approved. He indicated that the government is eager to begin issuing financing through the new institution and expects the first loans to be released shortly after the legal requirements are finalised.
The Guyana Development Bank is being established to expand access to affordable financing for groups that often struggle to secure credit through conventional banking channels. The institution will offer loans of up to $3 million with no interest and reduced collateral requirements.
Among those expected to benefit are young people, women entrepreneurs, persons living with disabilities, and small business owners seeking capital to start or grow their enterprises. President Ali noted that the bank’s services will be available across the country, forming part of the government’s wider agenda to create economic opportunities and support entrepreneurship in every region. (DPI)
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