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Government mulling development of Mahaica-Mahaicony corridor – President Ali
– lauds Demerara Bank for opening new branch in Mahaica
The spanking new $500M solar-powered Mahaica branch of the Demerara Bank Limited which was officially commissioned on Wednesday.
President Irfaan Ali and other officials at the commissioning of the branch.3
Kaieteur News – The Government of Guyana will be looking at areas on the Mahaica-Mahaicony corridor to cultivate new developmental hubs, President Irfaan Ali announced Wednesday night.
The Head of State made this disclosure while delivering the keynote address at the opening of the Demerara Bank Mahaica branch.
“Your Government has recognized a series of areas that will become new development hubs, new growth poles. So very soon we will be looking at all the lands on this corridor – Mahaica-Mahaicony. We will be looking at all the lands in order to come up with the perfect diversification plans.”
The Head of Stated explained that since Mahaica and its environs are heavily dependent on rice and other agriculture, the Government is looking to create an agriculture hub, which should also see the development of aquaculture.
To facilitate this, the Government will develop programmes and policies that will not only encourage and stimulate growth to the areas, but will also give tremendous incentives for future investments.
“Our intention in creating a whole new array of infrastructure is to ensure the travel time between the centre and the outskirts is not inhibitive to business development and growth,” he said, according to a release from the Office of the President.
IMPORTANCE OF PUBLIC-PRIVATE PARTNERSHIP
President Ali said that the establishment of Demerara Bank’s eighth branch falls directly in a strategic focus and position of the Government, and comes at a time when avenues to strengthen the traditional sectors are being explored.
He stressed that the Government also has a responsibility to create an enabling environment with proper laws, good infrastructure, security and a supportive bureaucracy for greater reliability and efficiency.
“The Bank expands in an environment that it trusts, the bank expands in an environment that it has confidence in, the bank expands in an environment in which it sees itself as playing a transformational role, the bank expands in an environment in which it recognizes the economic prospects for a particular region or area. It is not guess work, it is a strategic alignment with the development of the area, and the country through government policies and programmes…it is a perfect marriage.”
President Ali added that a harmonious relationship between the Government and Private Sector is important and essential for the growth and development of the country, and the Private Sector itself.
GREAT MANAGEMENT AND LEADERSHIP
The President also applauded the bank for its progress in the middle of the COVID-19 pandemic, while indicating that other banks and financial institutions have been shutting their doors around the world.
He said this is due to great management, leadership and a particular sense of boldness for thinking outside of the box.
“And if you look at the revenue diversification… the revenue portfolio of Demerara Bank you will see that there is a lot of thinking outside of the box. And this is what separates successful businesses from unsuccessful businesses – their ability to adapt, cope and to strategically position themselves.”
According to CEO, Mr. Pravinchandra Dave, the construction of the bank’s new branch cost over $500M.
This figure includes the cost of a solar system that provides 100 percent renewable energy for the branch.
The branch has already facilitated the opening of over 1000 new accounts and approved three loans.
The branch will also house the Diamond Fire and Insurance Service.
Senior Minister with responsibility for Finance, Ashni Singh, also delivered the feature remarks.
Chairman of the Board of Directors of Demerara Bank Limited, Dr. Yesu Persaud, was on hand for the opening.
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