A major gold sector developer has committed to reserving shares for Guyanese businesses and individuals once the country’s junior stock exchange becomes operational, President Dr Mohamed Irfaan Ali has disclosed.
Speaking at the recent Local Content Summit Networking Reception at the Four Points by Sheraton, President Ali said the commitment is one reason the government is pressing ahead with the establishment of the exchange.
He said the exchange will open large-scale investment opportunities to ordinary Guyanese, allowing what he described as massive participation from local businesses and individuals once it is up and running.
He said the move forms part of a broader effort to extend local content principles beyond the oil and gas sector into all areas of the economy.
The president added that he has directed the Ministry of Natural Resources to review the local content list, pointing to financial services and insurance as two categories where there has been strong interest in increasing local participation.
“The coming weeks will be very exciting for local content and local participation in large-scale transformative projects,” he said.
The junior stock exchange is one of three financing channels the head of state flagged for local investors.
Legislation for the Guyana Development Bank has been laid in the National Assembly, while a diaspora bond offering fixed rates of return is being prepared to help fund national infrastructure projects.