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Pres. Ali pledges zero-interest financing for SMEs
…as Guyana Development Bank nears launch
President Irfaan Ali on Sunday announced that the government has begun discussions with major local companies, including Banks DIH, to create new opportunities for small and medium-sized enterprises (SMEs) through the soon-to-be-launched Guyana Development Bank (GDB).
President Dr. Mohamed Irfaan Ali
The state-backed financial institution, scheduled to begin operations later this year, will offer zero-collateral and zero-interest loans to businesses, with a special focus on youth, women and persons with disabilities. According to the President, the initiative is central to the administration’s strategy to remove long-standing financing barriers, empower local entrepreneurs, and drive innovation across the economy.
Speaking at the commissioning of the Banks DIH $13.7B Malts Bottling Plant on the East Bank of Demerara on Sunday, the head of state explained that joint efforts between larger companies and the GDB can build an integrated value chain across the economy. “Their procurement power and market access can put smaller businesses into formal manufacturing networks, spreading industrial capability beyond a few large firms and creating broader-based employment and entrepreneurship,” the president stated.
He noted that well-established enterprises can also provide mentorship, training and knowledge transfer to the smaller entrepreneurs to help them become successful. “Legacy companies can also act as anchors within Guyana’s manufacturing ecosystem by partnering with smaller local suppliers, contracting local service providers, and mentoring emerging firms.” The initiative is part of the government’s 2025-2030 plan to create a more inclusive and robust financial system. (DPI)
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