“It is for all of Guyana” – Pres Ali on new development bank app

…says app to boost accessibility as Oct 5 launch nears

As Government gears for the operationalisation of the Guyana Development Bank (GDB) come next month, President Dr Irfaan Ali has announced that an application (app) is being created to allow citizens across the country easier access to the services being offered by the agency. The Head of State made this revelation on Sunday during a discussion with local business leaders on the highly anticipated GDB and how this transformative initiative stands to unlock new opportunities for entrepreneurs, expand access to financing and support the growth of businesses across Guyana.

With an initial capital of US$100 million, the state-backed financial institution will come on stream on October 5, offering loans of up to G$3 million to citizens as well as small and medium-sized enterprises (SMEs) across a wide spectrum of sectors, with no collateral required and free of any interest. Over the past few months, the Government has been ramping up its education programme to sensitise citizens across the country about the financial institution that is seeking to target young people, women and vulnerable groups. In addition to zero-interest and zero-collateral loans, the bank will also offer business support and mentorship services. According to President Ali, the Development Bank will begin receiving applications immediately when it comes into operation on October 5. He assured that citizens all across the country would be able to access the services. “What we are doing also is creating an app, so the bank is accessible through technology,” the Guyanese Leader noted. “That’s a big plus with this bank. It is really operating in the grassroot level. [There would be] hinterland opportunities, the riverine areas, [and] tourism, agriculture, every sector will be covered. So, when the bank is launched on October 5, it is for all of Guyana,” he asserted.