The transformative Guyana Development Bank is set to be operationalised on October 5, capitalised at US$100 million, President Dr Mohamed Irfaan Ali announced on Monday at a press conference at his Shiv Chanderpaul Drive office.
Through affordable financing options, including zero-interest and zero-collateral loans of up to G$3 million for eligible borrowers, the development bank will support Guyanese seeking to establish or expand businesses in key sectors such as agriculture, agro-processing, manufacturing, tourism, services and technology.
“That will come into operation in October,” the president told reporters
The bank’s launch comes against a backdrop of expanding financial inclusion. Between October 2024 and August 2026, 179,758 new bank accounts were opened across Guyana’s six commercial banks and two non-bank deposit-taking institutions, 96 percent in the banking sector proper.
Of that total, 59,951 accounts were opened between April and August 2026 alone, a jump the head of state linked to recent easing of requirements for opening accounts. [DPI]
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