A new wave of Guyanese entrepreneurship moved one step closer to being unleashed today with the passage of the Guyana Development Bank Bill, piloted by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh in the National Assembly. Enactment of this Bill would pave the way for the establishment of the much-anticipated Guyana Development Bank.

Highlighting the important role of local enterprises during his presentation of the Bill, Minister Singh emphasized that “small and medium-sized businesses have been the lifeblood of the Guyanese economy since time immemorial. These small businesses, in addition to providing essential goods and services, have proven over the decades and centuries to be an essential source of economic livelihood for Guyanese men, women, and families throughout the economic history of our country.”

The Guyana Development Bank delivers on an important PPP/C Manifesto promise, set to catalyse SME establishment and growth by providing zero-interest, zero-collateral micro-credit loans of up to $3 million, in addition to mentorship and training services. Reiterating the core mandate of the new legislation, the finance minister stated that “to ensure that the historic constraint again… that arises from lack of access to financing be removed once and for all, we have developed the Guyana Development Bank Bill—a bill that seeks to establish a development bank that will provide loans—small loans for SMEs in Guyana, loans of up to $3 million Guyana dollars, free of interest and free of collateral—loans that will help us to unleash a new wave of Guyanese entrepreneurship and entrepreneurialism in this Guyana’s era of opportunity.”