Guyana Development Bank begins operations

GEORGETOWN, Guyana (CMC) — The Guyana Development Bank has officially begun operations, with the Irfaan Ali administration describing the institution as a major step towards expanding access to financing for entrepreneurs and small businesses across the country.

The bank will provide up to $3 million (One Guyana dollar=US$0.008 cents) in zero-interest, zero-collateral financing, creating a new avenue for nationals seeking to establish or expand businesses.

President Ali said the bank is intended to address the financial barriers that have long prevented aspiring entrepreneurs, including young innovators, single mothers, farmers and skilled tradesmen, from accessing the resources needed to start or grow their enterprises.