…path now cleared for “unlocking a wave of entrepreneurial activity” – Ashni Singh

The establishment of Government’s promised zero interest bank for small entrepreneurs is closer as the National Assembly on Monday passed the Guyana Development Bank (GDB) Bill number 5 of 2026, paving way for the establishment of a new state-backed financial institution that the Government says will expand access to financing for small businesses, farmers, youth, women entrepreneurs and hinterland communities among others. Brought in the name of Minister within the Office of the President with Responsibility for Finance Dr Ashni Singh, the Bill was quickly approved as the opposition bypassed participating in the debate and instead protested while Government parliamentarian argued that the new institution would help bridge long-standing financing gaps that have prevented many Guyanese from fully participating in the country’s unprecedented economic expansion. The bill was later considered clause by clause in committee and passed without amendment, before receiving its third reading. Throughout the debate, Government Members described the proposed Development Bank as a key instrument for ensuring that Guyana’s economic growth translates into greater opportunities for ordinary citizens rather than remaining concentrated among larger businesses with easier access to commercial financing. Culture Youth and Sports Minister Charles Ramson said the legislation represented more than the creation of another financial institution. “What we are doing today is more than just a discussion about banking. It is a discussion about how we as a Government… ensure that the promise of economic growth reaches every Guyanese.”

He explained that the proposed bank was intended to support a wide cross-section of Guyanese, including entrepreneurs investing their savings in new ventures, single parents seeking to expand businesses, young innovators, farmers entering agro-processing, persons with disabilities and families seeking to establish enterprises of their own. According to Parliamentarian Alistair Charlie Guyana’s rapid economic transformation has created unprecedented opportunities but has also highlighted significant barriers to financing, particularly for smaller businesses that often struggle to satisfy the lending requirements of commercial banks.