President Dr. Irfaan Ali confirmed that the first set of disbursements from the new Guyana Development Bank will be made soon, as the government plans to table the necessary legislation at the next sitting of the National Assembly.
At a press conference on Friday, President Ali told reporters that the technical work needed for the establishment of the bank has wrapped up. And soon, it will become operational.
“The development bank is on track. We are hoping to have the first set of disbursements soon, as soon as we get past the legislative aspect,” he noted.
The proposed Guyana Development Bank is expected to provide up to $3 million in zero-interest, low-collateral financing, primarily targeting youths, women-owned businesses, persons with disabilities, and small entrepreneurs who often face challenges accessing financing from traditional commercial banks.
President Ali said the bank will be operational in all regions, as the government hopes to empower Guyanese.
The establishment of the Guyana Development Bank represents a significant initiative to expand financial access and support entrepreneurship across the country, particularly for segments of the population that have historically faced barriers in accessing traditional financing options.
