Legislation to establish Guyana’s promised Development Bank is in its final stages and will be presented to Parliament shortly, Attorney General Anil Nandlall has confirmed.
Speaking on Issues in the News on Tuesday night, Nandlall revealed that the draft bill has been completed and submitted to President Dr. Irfaan Ali, who has appointed a team of technical experts to review it before it proceeds to the National Assembly.
“Once reviewed, it will swiftly go to Parliament, and it will be operationalised very shortly thereafter,” Nandlall said.
First promised during the 2025 election campaign, the Development Bank is intended to expand access to financing for small and medium-sized enterprises (SMEs) that frequently struggle to secure loans from traditional commercial banks. Nandlall said the bank’s model was developed after studying similar institutions in Trinidad and Tobago, Jamaica, Botswana, Nigeria, Finland and Singapore, with elements adapted to suit Guyana’s specific needs.
Once operational, the bank will offer loans of up to $3 million with no interest and no collateral requirement, targeting sectors including agro-processing, small-scale manufacturing and other entrepreneurial ventures.
“There will be no interest… and no collateral required as security,” Nandlall said, adding that the initiative is aimed at segments of the population currently underserved by the financial system.
The institution is expected to begin with an initial capital base of approximately US$100 million, forming part of a broader US$200 million government commitment. Beyond direct lending, the bank will also partner with commercial banks to co-finance larger projects, enabling small businesses to access financing of up to $10 million under more favourable conditions.
Nandlall urged citizens to begin preparing by developing business ideas and proposals, noting that while requirements will not be overly rigid, basic standards of transparency and accountability will still apply. The bank is also expected to provide technical support, including assistance with proposal writing and business development.
“This will create jobs… and cause an economic expansion at a particular level of our society,” he said.
