President Dr. Irfaan Ali announced on Thursday evening that the government is actively implementing measures to establish the Guyana Development Bank, which is expected to be fully operational by the end of the first quarter of 2026.
In his remarks at the opening ceremony of GuyExpo 2025, President Ali stated that the administrative and legal framework for the new bank is currently under development. Once operational, the Guyana Development Bank will work in conjunction with existing commercial banks, which will be required to reduce interest rates below 4% to enhance access to financing for small and medium enterprises (SMEs).
The bank aims to provide transformative lending opportunities, including zero-percent interest loans that will not require collateral. “This initiative will place strong emphasis on key productive sectors,” the President highlighted, pointing out agriculture, tourism, services, and other value-creating activities as primary focuses.
“This, of course, will lead to the creation of tens of thousands of business opportunities,” President Ali added, emphasizing the potential for economic growth and job creation through the bank’s initiatives.
The establishment of the bank will be supported by approximately US$200 million in seed funding, marking a significant investment in the country’s development infrastructure and entrepreneurial landscape.
