Zero-interest Development Bank set to launch on Oct 5

The zero interest for small businesses Guyana Development Bank (GDB) will be launched on October 5 to coincide with the country’s return to democracy President Dr Irfaan Ali announced on Monday. At a press conference he hosted at Office of the President Ali told reporters that Finance Minister, Dr Ashni Singh will give details on the launch but he informed that the bank “will come into operation in October.” “I can tell you it will be in October, and it will be a great day in October. And I’m sure when I tell you the great day…it was the day…democracy was restored in our beautiful country. Yes, democracy was stolen from our country for 28 years, and it was restored on that beautiful day,” he said. The period referred to by the President was the oppressive 28 years rule under the then People’s National Congress (PNC) who had during the period rigged Guyana’s General and Regional Elections in their favour. With some $100 million already catered for by Government and the Law assented for the formation of the bank assented to in July, the President said that many persons have already utilised the services of loans for up to $3 million each. Government has said that plans are being mulled to expand to at least US$200 million, reasoning that the bank will help unlock entrepreneurial potential, particularly among young people and community-based enterprises that have traditionally struggled to access credit. “Now, so we have this this project, the Guyana Development Bank, coming on stream, capitalised at 100 million US dollars,” the President said. Given that the legislative framework is already in place for the creation of the bank, the administration has been laying the groundwork for the institution’s operations, including the establishment of regional offices and the recruitment of technical staff. Public Service, Government Efficiency and Implementation Minister, Zulfikar Ally, had in late July confirmed the developments during an interview with Guyana Times. He noted that preparations were advancing to ensure the bank is adequately staffed and positioned to serve small and medium enterprises (SMEs) across the country. According to Ally, the recruitment drive targeted a range of technical professionals. Positions include project officers, accountants, specialists in proposal development, and experts in financial literacy and marketing. The intention, he explained, is to build a cadre of personnel capable of guiding entrepreneurs through every stage of the business cycle; from the initial idea to the drafting of a viable proposal, and onward to the management practices required for sustainability. “The bank must not only provide financing,” Ally had stressed, “but also the technical support that ensures borrowers can translate their ideas into successful ventures.”