IDB Invest reiterates support to local development through partnership with Demerara Bank

Apr 09, 2022 News

Demerara Bank and IDB officials following their discussion this week

Kaieteur News – On Tuesday, a delegation led by Mr. James Scriven, Chief Executive Officer, of the Inter Development Bank (IDB) Invest, visited Demerara Bank Limited to discuss ongoing projects and upcoming business opportunities in Guyana.

Demerara Bank Limited which was signed to the IDB’s Trade Finance Facilitation Programme (TFFP) in October, 2020, currently benefits from a renewed Credit Line. This extended line of credit fortifies the commitment of IDB Invest and Demerara Bank to create financing to the growing demands of various sectors in Guyana and to support key business linkages within the region.

Guyana’s economy, as projected by the World Bank, is expected to grow by 48.7% in 2022 primarily due to the steady growth in the offshore oil and gas industry. Positive forecasts are also projected for various non-oil sectors such as agriculture, gold mining and housing due to expansion and heavy investments by both private and public sectors.

The bank announced last November that several businesses in the agricultural sector benefitted from financing under the IDB’s Trade Finance Facilitation Programme and in its statement reiterated that the facility will continue to be used to support existing local businesses, as well as new and emerging businesses, in sustaining productivity.