The Government and representatives of the banking sector have agreed to strengthen collaboration and improve guidance on condominium mortgage registration, following discussions aimed at addressing concerns about the implementation of the Condominium Act 2022. Attorney General (AG) and Legal Affairs Minister, Anil Nandlall SC, met on Monday with members of the Guyana Association of Bankers Inc (GABI) and other stakeholders at the AG’s Chambers.

The engagement comes in the wake of President Dr Irfaan Ali’s call for commercial banks to play a greater role in expanding financial inclusion by bringing banking services to new housing developments across the country. According to information shared by the AG, representatives of the banking association sought clarification on the application of the Condominium Act 2022 and guidance on the procedures for registering condominiums and condominium mortgages in Guyana. During the discussions, participants acknowledged the need for closer coordination between financial institutions and the Deeds and Land Registries. The importance of training staff on the procedures outlined in the legislation was also highlighted. Following what was described as substantive discussions, stakeholders agreed that there are no institutional barriers affecting the implementation of the Act or its related processes. It was also concluded that the legislation, in its current form, is capable of effectively achieving its intended objectives. To support consistent application of the law, Nandlall reaffirmed his commitment to public awareness efforts surrounding the Act. He also directed the legislation’s drafter to prepare a comprehensive guidance manual for financial institutions. The manual is expected to provide practical guidance on the interpretation and application of the Act’s provisions, helping banks and other stakeholders navigate condominium registration and mortgage processes more efficiently. Among those attending the meeting were Registrar of Lands Rosalie Robertson SC, Registrar of Commerce Reza Manraj, Registrar of Deeds Zanna Frank, Secretary of the Central Housing and Planning Authority (CHPA) Rajesh Ramgolam, Head of Corporate Legal Secretariat at CHPA Hannifah Jordan, GABI Chairperson and Scotiabank Manager Nafeeza Gafoor, GABI Treasurer and Guyana Bank for Trade and Industry (GBTI) Chief Executive Officer Shawn Gurcharran, Senior Associate at New Hayven Merchant Bank Lisa Ramotar, and Darshan Ramdhani KC, who drafted the Condominium Act.