The much-anticipated Guyana Development Bank (GDB) is expected to be operationalised within the coming weeks, with the board and staffing structure currently being finalised, President Dr Mohamed Irfaan Ali has confirmed.
Speaking at his press conference on Tuesday at his Shiv Chanderpaul Drive office, President Ali said the government is working to have the bank’s core structure and staff in place, along with arrangements for the bank to collaborate directly with commercial banks.
“We are right now putting together the board, putting together the structure, and hoping to operationalise within the coming weeks. We’ll have staff in place,” he said.
Discussions are also ongoing to establish dedicated GDB desks within commercial banks, supported by regional facilitators who would connect interested persons and help organise them into business clusters.
President Ali cited poultry farming as an example, explaining that individual small farmers currently rearing limited numbers of birds could be brought together to establish shared infrastructure such as tunnel houses.
He explained that by organising clusters, “You take away the complaints from the community, one, and you create a business ecosystem that will have lower mortality rate, higher returns, and better conditions.”
Sensitisation efforts on the bank have already been rolled out across the country.
And, “The response has been overwhelming,” he told reporters, stating that, “There are a lot of persons who are very interested in being part of the Guyana Development Bank.”
The National Assembly passed the Guyana Development Bank Act 2026 last month, paving the way for the institution’s creation.
It was designed to address longstanding challenges faced by small entrepreneurs, community groups and individuals who often struggle to access traditional financing due to collateral requirements and limited credit history.
Through affordable financing options, including zero-interest and zero-collateral loans of up to G$3 million for eligible borrowers, the development bank will support Guyanese seeking to establish or expand businesses in key sectors such as agriculture, agro-processing, manufacturing, tourism, services and technology.