Guyana: Hinterland Communities to Access Loans via Development Bank

Residents of hinterland and Amerindian communities are expected to gain direct access to financing and business support services through the soon-to-be-established Guyana Development Bank (GDB), President Dr Mohamed Irfaan Ali has announced. Speaking to residents of Karrau Village in Region Seven on Sunday, the President said the institution is being created to help communities invest in economic opportunities and expand local enterprises. “The Guyana Development Bank will allow us to target you directly, so that you can benefit from soft loans that will allow you to invest in your small businesses, that will allow you to come together in a consortium…and do larger projects,” President Ali said. He explained that the bank’s support will extend beyond lending, with officers expected to provide training in areas such as financial management, mentoring and business development to help ensure the success of funded projects. According to the Head of State, the initiative is intended to give citizens not only access to resources but also the guidance needed to make productive use of them. The Guyana Development Bank is expected to become operational once the necessary legislation receives parliamentary approval. Government has already earmarked US$100 million in the 2026 National Budget to establish the institution and provide seed capital for lending to small and medium-sized businesses, particularly those that have faced challenges accessing financing through traditional banking channels.

Source: snn.gy

Follow us on Instagram: @news.tringlobe