The Guyana Development Bank will primarily focus on investment in agriculture, tourism and manufacturing as it seeks to support entrepreneurship and expand opportunities across key sectors of the economy, according to Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally.
Speaking during an interview, Ally said the bank’s financing and support services will target sectors that have been identified by the government as critical to Guyana’s economic development.
“The primary focus of the bank will be in sectors such as agriculture, agro-processing, especially manufacturing, new crops, non-traditional crops,” the minister said.
He noted that tourism will also be a major area of focus as Guyana continues to position itself as a unique destination, pointing to the country’s rainforests, cultural diversity and national celebrations as attractions with significant economic potential.
“We want to focus on tourism as well, because we’re building a very niche market in the tourism space. We have beautiful tropical rainforests. Our culture alone is something that people from all over the world would like to come and experience,” Ally stated.
The minister also highlighted opportunities within the Orange Economy, an initiative being promoted by President Dr Mohamed Irfaan Ali to strengthen the country’s creative industries.
He said the sector presents opportunities for a wide range of entrepreneurs, including artistes, hairdressers, makeup artists and other creative professionals looking to establish or expand their businesses.
According to Ally, the Development Bank is intended to provide both financing and business support to help entrepreneurs build sustainable enterprises in priority sectors.
“We want you to be part and invest in sectors like tourism, agriculture and manufacturing. Those are three big areas where the Government of Guyana wants to support every single Guyanese who wants to be a part of building out those sectors in Guyana,” he said.
The Guyana Development Bank is expected to provide eligible entrepreneurs with access to zero-interest, zero-collateral loans, along with business development support, as part of the government’s broader effort to stimulate investment and economic growth.