GEORGETOWN, Guyana, Jul 28, CMC – Government used its majority in the National Assembly to pass the legislation allowing for the establishment of the Guyana Development Bank, a new financial institutioit said is intended to improve access to affordable financing for small and medium-sized enterprises (SMEs).
But even as Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, told the National Assembly that the legislation seeks to address a longstanding challenge faced by entrepreneurs, particularly access to financing, opposition legislators maintained their protest action against the Irfaan Ali government’s handling of the MV Barima tragedy that has led to the deaths of more than 70 people earlier this month.
Singh told legislators that while many small and family-owned businesses have contributed significantly to Guyana’s economic development, access to capital has remained a major barrier preventing some enterprises from expanding.
“This bill seeks to establish a development bank that will provide loans, small loans, to SMEs in Guyana, loans of up to three million dollars (One Guyana dollar=US$0.004 cents), free of interest, and free of collateral,” Singh said.
He told the National Assembly that the institution will help unlock a new wave of entrepreneurship during Guyana’s period of economic growth, while supporting businesses that may not otherwise qualify for traditional financing.
“Over the years, our government has implemented numerous initiatives aimed at ensuring improved and easier access to financing, and we have recorded tremendous success in this regard, not least as is reflected in the extremely strong growth in credit to the private sector that has been recorded over the years.”
Agriculture Minister Zulfikar Mustapha said that the bank will help ensure economic opportunities reach every region and community, including rural and hinterland areas, noting that many farmers, small manufacturers, and entrepreneurs have ideas and resources but often lack access to financing.
“This will be a game changer for the small farmers, for the farmers in the hinterland, for the fisherfolk and for agro-processors,” Mustapha said.
Tourism, Industry and Commerce Minister Susan Rodrigues said the legislation represents a commitment to removing barriers that have prevented many Guyanese from transforming their ideas into successful businesses.
She told legislators the new bank will support farmers, manufacturers, tourism operators, artisans, women-led enterprises and young entrepreneurs.
“This bill is about investing in people. It is about unlocking the productive potential that exists in every village, every community, and every region of Guyana,” she said.
Public Service, Government Efficiency and Implementation Minister, Zulfikar Ally, said the bank will create opportunities for small entrepreneurs, farmers, youth, and persons seeking to establish businesses.
He said the institution will support economic diversification by helping more Guyanese participate in the country’s development.
Meanwhile, Singh has successfully piloted a supplementary budget of GUY$54.9 billion that the government said is necessary to continue to advance its aggressive housing programme with $17.5 billion approved under the Ministry of Housing, with the goal of constructing 40,000 new homes over this current term.
Under the Office of the Prime Minister, supplementary provision of GUY$19.1 billion of additional resources for the Gas-to-Energy Project has been approved in alignment with the vision to expand and modernise the energy sector.
None of the MPs from the main opposition We Invest in Nationhood (WIN), A Partnership for National Unity (APNU) and Forward Guyana Movement (FGM) participated in the budget debate.
Several opposition legislators, who were slated to ask ministers several questions ignored calls by the Speaker to do so with APNU parliamentary leader Dr Terrence Campbell saying “we’ve had the biggest tragedy in Guyana and no one should expect that business must go on as usual.
“We are here operating as a unified opposition group in relation to this Barima tragedy, signalling to the government that it cannot be business as usual,” he added.
The opposition lawmakers banged tables, and almost encircled Attorney General Anil Nandlall, who read a statement concerning the ferry incident on behalf of President Ali and Prime Minister Mark Phillips while he was giving a timeline of events since the first distress signal was detected.
CMC/gt/ir/2026