NBS has key role in revitalizing sugar- Jordan

Jul 04, 2017 News

-mortgage entity opens $110M Corriverton branch

Mortgage lender, New Building Society (NBS) Limited, on Saturday extended its services

Minister of Finance, Winston Jordan cutting the ribbon with Annanmika Ramdat.

to the residents of Upper Corentyne, Berbice, Region Six, with the launching of its Corriverton Branch.
The opening ceremony of the $110M structure saw the presence of Minister of Finance, Winston Jordan; Mayor of Corriverton, Krishnand Jaichand; Chief Executive Officer (CEO) of NBS, Anil Kishun; and members of the Board of Directors.
Minister Jordan commended the Chief Executive Officer and Directors of NBS for making such an investment in the town of Corriverton.
The Minister noted that the opening of the branch comes at a time when sugar, one of the main economic activities in the region, is in “deep trouble” as there is a steep decline in the premium price in the European Union market.
Minister Jordan pointed out that the administration since 2015 has to date invested $32B in the sugar industry, in addition to the creation of a white paper which will allow the industry to engage in sustainable sugar production.
He however said the NBS will have a key role to play in the revitalisation of such an important

The gathering at the opening ceremony of the NBS Corriverton Branch

sector to Guyana’s economy.
The Minister stated, “Although your mission is to provide your customers with the best mortgages and savings product, it is expected that at this troubled time, your support to Berbice will involve a great amount of thinking and innovation to ensure that appropriate financial products and services are delivered to the communities.”
The Minister emphasised that entities like NBS usually have unique perspectives of the communities they are in, by investing heavily in community development projects and local businesses. It is also important that the NBS promote financial inclusion by providing financial services at affordable costs to vast sections of disadvantaged and low-income groups, Minister Jordan said.
“Your task is to ensure appropriate and quality financing is accessible and affordable to low income and other vulnerable groups that are excluded from the formal financial system,” the Minister explained.
Chairman of NBS, Floyd McDonald, said, “Our society is committed to the provision of

Minister of Finance, Winston Jordan (left) taking a tour of the NBS building with Chairman of NBS, Floyd Mc Donald (right)

mortgages and related services to the benefit of all Guyanese in particular as it relates to the enhancement of a national housing project.”
Minister Jordan said that the provision and access to adequate housing is a core element of social, welfare and economic development in any country. He added that housing is one of the three basic needs for survival, with clothing and food being the other two.
“Housing also has the potential to translate into poverty reduction since the acquisition of a home can provide the collateral that is necessary to access financial products and services from the formal financial institution,” the Minister explained.
The NBS was established 1940. Since then it has opened seven branches across Guyana, four of which are in Berbice. The others are in Georgetown, Essequibo and Mackenzie, Linden.
The NBS assets upon establishment was $153,000, today it boasts assets over $61B. In the last three years the bank made a profit of over $1B each year.

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