Farmers and small business owners in the Pomeroon will soon have access to interest-free financing and business mentorship as the government plans to launch the Guyana Development Bank soon.
President Dr Mohamed Irfaan Ali made the announcement during a community engagement at the Wakapoa Secondary School on Friday.
“Soon, we’ll be sending to your community mentors who will be working with your farmers and other persons through the Guyana Development Bank, so that you can now expand your small businesses,” the president announced.
President Irfaan Ali and Toshao of Wakapau
The development bank is designed to remove one of the biggest barriers facing small producers and business owners: access to financing.
He explained that many residents require relatively small sums of money to repair machinery, purchase equipment, or expand cultivation, but are often unable to secure loans from commercial banks because they lack collateral.
“There are persons who need $2 million or $1.5 million to fix their machine, to fix something, to unlock 10, 15, 20 acres of farm, but a commercial bank would not lend because you don’t have the collateral,” President Ali said, explaining that,“Here is where the government will be investing in you without collateral, interest-free.”
The head of state said the programme forms part of the government’s wider strategy to strengthen rural economies by providing practical support which enables citizens to improve their livelihoods.
President Dr Mohamed Irfaan Ali addressing residents of Wakapau
He noted that the financing initiative complements a range of ongoing investments in the Pomeroon, including support for agriculture, drainage and irrigation, healthcare, education, sports, renewable energy and community infrastructure.
President Ali emphasised that the government’s philosophy is centred on improving people’s lives through targeted investments and ensuring that development reaches every community.
The president also encouraged residents to continue pursuing new economic opportunities, assuring them that the government remains committed to investing in communities and unlocking their productive potential.2
