In a bold move to empower the country’s entrepreneurial class, President Dr. Irfaan Ali announced a US$200 million fund aimed at supporting small and medium-sized enterprises (SMEs), contingent on the re-election of the People’s Progressive Party/Civic (PPP/C) in the upcoming General and Regional Elections.
During a large rally at Albion Estate on Sunday, President Ali outlined his vision for inclusive economic growth, emphasizing the importance of accessible financing and business support for local entrepreneurs.
The initiative includes the establishment of a new Development Bank dedicated to SMEs, providing them with 0% equity-matched support. In a significant shift, borrowing costs will be reduced from the current rates of 6% or 7% to just 3% interest, and collateral requirements will be eliminated, making capital more accessible for aspiring business owners.
“This fund will create a more level playing field, allowing every Guyanese with a viable idea to access financing and grow,” President Ali stated. He highlighted the government’s commitment to not only attracting global investors but also co-investing in the potential of the local populace.
This announcement is part of the government’s broader efforts to build a diversified economy, ensuring that the benefits of Guyana’s transformation reach all citizens. President Ali’s initiative seeks to foster an environment where entrepreneurship can thrive, ultimately contributing to sustainable economic growth across the nation.
Tatianna Famey, LL.B, PCert, LL.M., Endorses Azruddin Mohamed
