President Dr Mohamed Irfaan Ali on Thursday assented to the Guyana Development Bank Act 2026, officially bringing into force the legislation that establishes the country’s newest financial institution and paving the way for thousands of small and medium sized businesses to access financing, mentorship and technical support.

The Act, which was passed in the National Assembly on Monday, creates the legal, institutional and administrative framework for the Guyana Development Bank to begin operations as a key pillar of the government’s strategy to expand entrepreneurship, stimulate investment and strengthen the productive sectors.

With the president’s assent, preparations can now advance for the rollout of the bank’s flagship financing programme, under which eligible entrepreneurs will be able to access loans of up to $3 million without the need for collateral and at zero interest.