Guyana is one step closer to establishing its first dedicated development bank after the National Assembly on Monday approved the Guyana Development Bank Bill 2026, creating a new financial institution to improve access to affordable financing for entrepreneurs, farmers, and small businesses across the country.
The legislation, passed despite opposition efforts to delay proceedings, fulfils a major promise set out in the People’s Progressive Party/Civic (PPP/C) 2025 election manifesto. Once operational, the Guyana Development Bank will provide zero-interest micro-credit loans of up to $3 million and offer mentorship, technical guidance, and business development services to help entrepreneurs build sustainable enterprises.
Speaking during the bill’s second reading, Senior Minister in the Office of the President responsible for Finance, Dr. Ashni Singh, described the legislation as an important step towards making financing more accessible to those who have traditionally struggled to secure capital.
“What this bill seeks to do… is to facilitate our smallest and most vulnerable businesses in accessing financing for good business opportunities,” Dr Singh said.
He noted that the bank’s establishment would stimulate entrepreneurship throughout Guyana, encouraging innovation, job creation, and long-term economic development.
Dr Singh further stated that the institution would unlock “a wave of entrepreneurial activities” that would strengthen broad-based economic growth and improve the lives and livelihoods of small business owners across Guyana.
The finance minister also expressed disappointment that opposition parliamentarians did not support the legislation, while expressing appreciation for government members’ role in ensuring its passage under difficult parliamentary circumstances.
The creation of the Guyana Development Bank forms part of the government’s broader strategy to expand financial inclusion by giving more Guyanese access to affordable capital to establish, expand, and sustain businesses. Officials believe the initiative will encourage investment in local enterprises while supporting economic diversification and community-driven development.
Minister of Agriculture Zulfikar Mustapha said the institution will extend financing beyond urban centres, ensuring that farmers and entrepreneurs in rural and hinterland communities also benefit.
He explained that many individuals have strong business ideas and productive resources but remain unable to access affordable financing from traditional lenders.
“This will be a game-changer for small farmers, for farmers in the hinterland, for fisherfolk and for agro-processors,” Minister Mustapha said.
Minister of Tourism, Industry and Commerce Susan Rodrigues also welcomed the legislation, calling it a significant investment in Guyanese entrepreneurs and an important step towards removing financial barriers that have kept many citizens from turning business ideas into successful ventures.
She said the new bank will support a broad range of sectors, including agriculture, manufacturing, tourism, artisan businesses, women-owned enterprises, and youth entrepreneurship.
“This bill is about investing in people. It is about unlocking the productive potential in every village, every community, and every region of Guyana,” she said.
Government Member of Parliament Alister Charles emphasised that the legislation will help ensure economic opportunities reach every part of Guyana, particularly for Indigenous communities that have long engaged in farming, craft production, and local trade but often struggle to access affordable financing.
“This legislation is about confidence in Guyanese entrepreneurs, indigenous communities, our young people, our farmers, and our future,” MP Charles said.
Minister of Public Service, Government Efficiency and Implementation Zulfikar Ally said the new institution will provide aspiring entrepreneurs, farmers, young people, and small business owners with the financial support required to launch and expand their enterprises.
According to Ally, the Development Bank will play an important role in broadening Guyana’s economic base by enabling more citizens to participate directly in the country’s continued growth and prosperity.