First Guyana Development Bank Board meeting convened

With the Guyana Development Bank launched today, symbolising fulfilment of another People’s Progressive Party/Civic 2025 Manifesto promise to the nation, Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni Singh today alongside Minister of Tourism, Industry and Commerce Susan Rodrigues and Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally met with the new Board of Directors at the Ministry of Finance.

Minister Singh reiterated to the Board that the new Development Bank is one of the flagship commitments by government and it has the potential to unleash a wave of entrepreneurship unlike anything ever seen in this country’s history. He added that it also has the potential to allow thousands of businesses to be able to access capital to start up or grow and expand their small business in a manner that they were never previously able to do because they were required then to provide collateral as well as pay interest.

“Because every single small business owner who is going to access a loan facility through the GDB, we would like to see every one of them invest the resources in a viable business idea and grow their business as well as manage their business responsibly so that their business grows not only to utilize the $3 million loan facility being provided by the GDB but so that they could graduate upwards into accessing loans from the formal financial system-the traditional commercial banks-and grow their business even more,” Dr. Singh re-emphasized during the meeting.