Demerara Bank disburses US$7M IDB loan to local businesses

Jun 24, 2021 News

In photo are the beneficiaries and officials who were present at yesterday’s ceremony.

Kaieteur News – At a ceremony held in the Camp Street, North Cummingsburg, Georgetown boardroom of Demerara Bank Limited, a total of five companies were yesterday the beneficiaries of a US$7M Inter-American Development Bank (IDB) line of credit.
Receiving letters of sanction from Demerara Bank yesterday were representatives of the five approved applicants – Akeisha Paul Singh on behalf of Pure Diamonds Inc., Mr. Mohamed Hussein on behalf of Dinar Trading, Mr. Vasudeo Singh on behalf of Demerara Distillers Limited, Mr. Nazeemul Hakh on behalf of Golden Fleece Rice Investment and Mrs. Reymona Ramlall on behalf of A. Cayume Hakh and Sons.
This publication was informed that the initiative had its genesis in November 2020 when Demerara Bank Limited was signed to the IDB Trade Finance Facilitation Program (TFFP) and was granted a line of credit facility to be used for short-term international trade finance transactions to support local small and medium enterprises (SME). Since partnering with the IDB, Demerara Bank was handed a line of credit of US$7M. The five applicants were eventually approved to benefit under the TFFP.
Yesterday’s ceremony was graced by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, members of the IDB team, Demerara Bank officials, among others.
Dr. Singh in brief remarks congratulated Demerara Bank on being the first Guyanese Bank to access the TFFP and expressed his delight in seeing this transaction come to pass. The Minister further noted that aside from the floods that the country is currently experiencing, he believes that Guyana is on the verge of transformation in the economy and that the current generation is realising the full potential of Guyana. Moreover, he is convinced that “we will soon be the bread basket of the Caribbean.”
Dr. Singh informed the gathering too that “President, Irfaan Ali, and his entire Government are firmly committed to ensuring that the right policy is in hand and to realising the importance of such positive and remarkable transformation that we are about to witness.”
After his presentation, the sanctions were handed over to the representatives of the successful applicants.

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