Commencement order gazette for development bank

(Kaieteur News) – The Guyana Development Bank is moving closer to its October 5 launch, with Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, signing the Commencement Order yesterday to bring the new financial institution into operation.

The Order was subsequently Gazetted, marking another key step towards establishing the bank, which Government says will unlock a new wave of entrepreneurship by expanding access to financing for small businesses and entrepreneurs.

But as the bank prepares to open its doors, concerns remain over its governance and oversight structure. Opposition critics had previously questioned the concentration of authority in the Government, particularly the provision allowing the Finance Minister to appoint the bank’s board, while the legislation does not provide for representation from the Opposition, civil society or independent transparency bodies.