Govt. plugs importance of private/public partnerships

Jul 26, 2010 News

Billion $$$ GBTI Corporate Office launched…

– internet banking facility coming

By Leonard Gildarie

The Guyana Bank For Trade and Industry Limited (GBTI¬) has announced plans to introduce internet banking within days even as the institution launched its $2.6B Corporate Headquarters at Kingston on Saturday in a glitzy affair.
Additionally, the towering facility, located next to the Pegasus Hotel, will be boasting the country’s first drive-through ATM.
The opening was hailed by the bank as a solid sign of growing confidence in the country’s economy with government officials plugging public/private partnership initiatives as a one of the better ways to develop the Private Sector.
Among the gathering were President Bharrat Jagdeo, Prime Minister Sam Hinds, several Government Ministers, members of the Beharry family, the majority shareholder, and a smattering of representatives of the business sector.
According to President Jagdeo, GBTI has consistently raised the standard of banking in the country. He urged local businesses to replicate the successes of the family enterprise a “million-fold” and noted that it was not an easy thing for the institution to reach this stage, especially when the path was shredded with “difficulties”.

Members of the Beharry family, officials of GBTI, government ministers and President Bharrat Jagdeo at the unveiling of a bust of Edward Beharry on Saturday.

Challenging the Private Sector, Jagdeo warned that unless there is some degree of risks in business, the rewards will be little.
The Head-of-State disclosed that his administration will work with any Private Sector entity that is willing to do so. The official pointed out that the banking sector is crucial to the growth of entrepreneurs in the country.
The President also took the opportunity to urge Guyanese to dream bigger. “Without dreams, there would have been no New Thriving Restaurant and no new hotels.”
Earlier, GBTI’s Chairman, Robin Stoby, S.C., noted that the bank in the past decade had moved forward to become the premier financial institution, with the new Kingston office a strategic part of its vision of growth.
He stressed that the confidence in the bank’s capacity has caused it to immediately capitalise on government’s easing of the interest rates with over $500M already disbursed for low income loans.
The European Union had also confidently placed 1.8M euros in the bank to finance small rice farmers and a recent initiative with government to extend $500M in loans to single women parents were all testimony of the institution’s capacity, the Chairman said.
Since opening its door in 1987, GBTI has launched several branches across the country, again testimony to the confidence.
And there are several more initiatives which included a Biennial Business Conference between the Private Sector and the bank; launching of the credit cards and opening of the Lethem and Grove Branches. The bank is also building a branch at Diamond, the official disclosed.
Alluding to GBTI which is family-owned, Stoby also took the opportunity to plug GBTI’s recognition of the fact that many of these enterprises have been successful since it was easier to work with them.
Minister of Finance, Dr. Ashni Singh, believed that all Guyana should be proud of the modern offices, which is a clear signal of growth in Guyana.
The eye-catching building has raised the bar in Guyana as far as corporate infrastructure is concerned but it symbolises much more than that, the Minister said.

This drive-thru ATM at GBTI’s office at Kingston is the first for Guyana.

Making his case, Dr. Singh said that offices is but a clear indication that Guyana too can have success stories, growing from a modest beginning to a position where there is the possibility of producing world class goods and services.
He hailed the Beharry family, which is a growing conglomerate involved in manufacturing, banking, and boasting of several subsidiaries across the country.
There is much to be emulated here, the Minister said, pointing out that there must be a boldness to take risks and accept failures.
Touching on Guyana’s situation, Dr. Singh noted that the economy continues to do well despite the recent world financial crisis. Single digit inflation, a stable exchange rate and decreasing lending rates are all clear signals of Guyana’s stability.
He also pointed out that unlike many countries, including in Europe, there are no austerity measures taken, with nobody being sent home or decisions being taken to cut wages.
The Minister also noted financial regulations passed to further strengthen the sector with anti-laundering laws, and more recently a bill to place the New Building Society under the Central Bank authority.
According to the Minister, government is inclined to private/public partnerships like in the case of the Ogle Airport and more recently the WOW $500M lending programme at GBTI, which government is guaranteeing.
Also making a presentation at the ceremony was Rabindranauth “Chico” Beharry, who, representing the Beharry family, chronicled the life of his father, Edward B. Beharry, whose vision led to the realisation of what the group has evolved to.
A bust of Beharry, who started off as a trader in the 1930’s, was also unveiled in the lobby of the new offices.
GBTI has almost $60B in assets with $6B in capital reserves. In addition to the administrative offices, the new building, in addition to tellers, will also be offering a 40-vehicle parking, night depository and facilities for secured handling of armored cash vans.