Latest update September 15th, 2026 10:20 AM
IPED signs US$5M loan agreement with IDB-Invest
…to provide financial support to micro and small enterprises
(Kaieteur News) – Micro and small enterprises (MSEs) in Guyana will soon receive further financial support through the Institute of Private Enterprise Development (IPED) following the signing of a US$5 million loan agreement between the Inter-American Development Bank’s (IDB) and institute.
The US$5million agreement signed today comprises a US$2.5 million loan through IDB-Invest the private sector support arm of the IDB and another US$2.5 million from the Japan International Cooperation Agency (JICA)’s Trust Fund Achieving Development of Latin America and the Caribbean (TADAC Fund) administered by IDB.
The agreement was signed by IDB’s Country Representative Lorena Solórzano-Salazar and Chief Executive Officer (CEO) of IPED Jagdesh Haripershad.
The signing ceremony was held at the Ministry of Finance in the presence of officials of both entities and overseen by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh.
L-R: Minister of Finance Dr Ashni Singh, IDB’s Country Representative Lorena Solórzano-Salazar, Chief Executive Officer (CEO) of IPED Jagdesh Haripershad and Chairman of IPED Mr. Komal Samaroo.
According to a statement issued by the Ministry of Finance, the loan injection to IPED will assist that entity to further support women, youth and rural entrepreneurs and will also help IPED in diversifying the sources from which it receives funding.
Finance Minister Dr. Ashni Singh in his remarks thanked the IDB for its continued partnership with government and support for the continuous development in various sectors taking place countrywide. He explained that the government considers IPED to be a very important and special institution as he reminded that IPED was established when Guyana was in a difficult place economically and politically and when there was virtually no private sector.
Dr. Singh said that IPED has grown from strength to strength over the years and recognised the contributions of its founder, the late Dr. Yesu Persaud and current Chairman Mr. Komal Samaroo.
“Over its forty years of service, IPED has disbursed more than 147,000 micro credit loans valued at more than G$64 billion supporting thousands of Guyana’s smallest entrepreneurs. In a small environment like Guyana, it is really a remarkable achievement,” Dr. Singh highlighted as he lauded the directors and others at the helm of the institution for this achievement.
“They currently have about 5,000 clients on their books and about 40 percent of IPED’s borrowers are women and about five percent are under twenty-five years of age so they (IPED) have a strong track record of supporting women and young entrepreneurs and working in rural communities having served more than 700 different villages across the length and breadth of Guyana,” Minister Singh said.
Minister Singh also thanked the Japan International Cooperation Agency (JICA) and complimented the IDB team for partnering with the government over the years. He pointed to several partnerships including the soon to be opened Four Points by Sheraton Hotel.
The Minister said that since he assumed office in 2020, the IDB-Invest has partnered with Guyana’s private sector and provided financing of over US$250 million.
IDB’s Country Representative Solórzano-Salazar explained how the project will impact Guyana. She said the IDB has been strengthening its partnership with the Government of Guyana and the private sector with the aim of driving business activities.
She said that with Guyana being named the fastest growing economy in the world, it is important that local entrepreneurs, including small and micro enterprises receive much needed financial support. This the IDB Country Representative said will aid in diversifying the country’s economy and improving the locals’ access to financing.
Chief Executive Officer (CEO) of IDB-Invest Mr. James Scriven said that the bank is witnessing the diverse benefits of the oil and gas industry which has a ripple effect through all spheres.
Meanwhile, Chairman of IPED Mr. Komal Samaroo thanked the government, IDB-Invest and Japan International Cooperation Agency (JICA) for making the initiative possible. He said that the signing of the agreement coincides with IPED’s 40th anniversary which is being celebrated this year.
He reminded that IPED has made significant contributions to the development of micro and small businesses since its birth.
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