The Guyana Development Bank (GDB) has taken a major step towards full operations with the appointment of its first Board of Directors, paving the way for the institution to begin providing financing to small and medium-sized businesses.
The seven-member board, headed by Chairman Abu Zaman and Deputy Chairperson Kathy Smith, assumed office on October 5, coinciding with the commencement of the Guyana Development Bank Act 2026. The directors will serve until December 31, 2027.
The new institution is expected to provide loans of up to G$3 million without interest or collateral, creating an alternative source of financing for entrepreneurs and small businesses seeking to establish, expand or strengthen their operations.
Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, said the efficiency of the bank will be judged largely by how quickly it can move viable applications from submission to approval.
He said the intention is to remove unnecessary administrative hurdles and make the borrowing process straightforward for applicants.
“As the bank opens its doors, our overriding objective is efficiency. We want the bank to accept and process viable applications in the shortest possible time, making the entire process as simple and free of bureaucracy as we possibly can,” Dr Singh said.
Zaman, who will lead the board, brings extensive experience in retail and small-business banking. He currently serves as Chief Administrative Officer of ENet, Chairman of the Small Business Council and Chairman of the Public Accountability and Oversight Committee of the Natural Resource Fund.
Smith brings significant private-sector and institutional experience to the board. She was the first woman to serve as President of the Georgetown Chamber of Commerce and Industry (GCCI) and currently serves as Vice Chairperson of the Private Sector Commission (PSC). She also chairs the Board of Industrial Training (BIT).
The other members are Attorney-at-Law and Member of Parliament James Bond; Finance Secretary Sukrishnalall Pasha; Caribbean Airlines Sales Executive for Guyana and Suriname Dion Inniss; governance reform specialist and Competition and Consumer Affairs Commissioner Nalinie Singh; and SME development specialist and President’s Youth Advisory Council member Dr Praem Rambharak.
The establishment of the GDB was identified as a key commitment in the People’s Progressive Party/Civic (PPP/C) Administration’s 2025 Manifesto.
Funding for the institution was subsequently included in Budget 2026, with an initial G$20 billion capital injection provided as the first portion of the bank’s authorised G$40 billion share capital.
The legislation establishing the institution was approved by the National Assembly on July 27 and received presidential assent three days later. A Commencement Order signed on September 16 formally set October 5 as the date on which the legislation would take effect.
Beyond lending, the GDB is expected to provide entrepreneurs with business development assistance, including mentorship, planning support and technical guidance.
The institution also plans to use a mobile platform to extend its services beyond traditional urban centres, with outreach intended for hinterland, riverain and other communities across Guyana.
President Dr Mohamed Irfaan Ali said the bank is intended to broaden access to financing for Guyanese who have historically faced challenges obtaining funds through conventional channels.
He stressed that the financing should be viewed as a means of building sustainable businesses and establishing a positive credit history rather than as free financial assistance.
“This is not a grant, this is your opportunity to earn, your opportunity to build your credit, and your pathway to participate in our national expansion,” President Ali said.
With its governing legislation now in force and the inaugural board installed, the GDB is positioned to begin its mandate of widening access to affordable financing while supporting the development of Guyana’s small and medium-sized business sector.