…as Ministerial team engages new Board of Directors

The Guyana Development Bank (GDB) officially commenced operations on Monday, offering two categories of loans with no collateral required and free of any interest.

With an initial capital of US$100 million, the state-backed financial institution is offering loans of up to G$3 million to citizens as well as small and medium-sized enterprises (SMEs) to either start a new venture or expand existing businesses.
Beneficiaries can choose from two categories of loans: Quick Loans, which are loans below $300,000 for which a simplified process and reduced documentation are required, and SME loans, which are between $300,000 and $3 million and require additional documentation to be submitted.
To allow for easy access by citizens in all 10 regions across the country, the Development Bank will operate via an online digital platform at https://gdb.gov.gy/, which will facilitate the submission of loan applications and other relevant supporting information.
The same platform will also be used by borrowers to manage their loans throughout their entire lifecycle, including during the repayment period.
Once approved, the loan is disbursed directly into the borrower’s bank account, and repayment is also done through the banking and financial system.
Alternatively, the platform also provides an option to request an appointment to meet an officer of the bank for face-to-face assistance, thereby ensuring widespread accessibility throughout the country. While there is no physical building for the GDB, the state-back institution would have help desks set up at various commercial bank branches across the country to engage applicants.

1st Board meeting
Meanwhile, in keeping with the GDB Act that was passed in the National Assembly back in July, a seven-member Board of Directors has been established to oversee the operations of the institution.
Leading the Development Bank is Chairman Abu Zaman, who brings more than a decade of senior leadership in governance, financial services, institutional oversight, and small business development. President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith, will serve as the Deputy Chairperson of the bank, bringing expertise that spans business, energy, workforce development, and SMEs capacity building.
Additionally, the five Board Directors named are Finance Secretary at the Ministry of Finance, Sukrishnalall Pasha; Attorney-at-Law and businessman, James Bond; Sales Executive for Caribbean Airlines in Guyana and Suriname, Dion Inniss; governance reform strategist Nalinie Singh; and member of the President’s Youth Advisory Council, Praem Rambharak.
On Monday, Senior Minister with Responsibility for Finance Dr Ashni Singh, alongside Tourism, Industry and Commerce Minister Susan Rodrigues, and Public Service, Government Efficiency and Implementation Minister Zulfikar Ally met with the new Board members.
Over the past few months, the Government has been ramping up its education programme to sensitise citizens across the country about the financial institution that is seeking to target young people, women and vulnerable groups.
The Development Bank is designed as a complete support ecosystem that helps businesses start, grow and succeed.

Beyond access to financing, the bank will offer guidance, technical support, business development services, mentorship, and capacity-building programmes to help entrepreneurs make informed decisions, strengthen their operations, and eventually graduate into the wider commercial banking system. Moreover, under a co-financing arrangement, borrowers would also be able to unlock additional financing of up to $7 million from traditional lending institutions, at favourable interest rates, to further expand their businesses.

Opportunities for everyone
Guyanese are being encouraged to take advantage of the opportunities offered by the Development Bank.
“Our country’s growth must mean something to you. It must create an opportunity for a single mother, for every family, for every young person to see themselves as part of the future,” President Dr Irfaan Ali stated in a video message to commemorate the operationalisation of the GDB.
“The Guyana Development Bank is an investment in your potential. It is an investment in your future, an investment in your idea, an investment in your creativity. Make this investment worth it for you, and of course, your country… we want this opportunity to reach the unreached. Every woman, persons living with disability, our young people, our farmers, every single stakeholder. We want the Development Bank to reach you, to give you the opportunity… That is why it’s going to be easy, accessible, digital,” the president posited.
The establishment of the GDB Act was passed in the National Assembly back in July, paving the way for its operationalisation – a 2025 Elections Manifesto promise by the People’s Progressive Party/Civic (PPP/C) to ensure that Guyanese are supported to participate in the country’s transformation.
Unleash wave of entrepreneurship
During Monday’s inaugural Board meeting, the Finance Minister highlighted the potential of the Development Bank to unleash a wave of entrepreneurship unlike anything ever seen in the country’s history.
“Because every single small business owner who is going to access a loan facility through the GDB, we would like to see every one of them invest the resources in a viable business idea and grow their business as well as manage their business responsibly so that their business grows not only to utilise the $3 million loan facility being provided by the GDB but so that they could graduate upwards into accessing loans from the formal financial system – the traditional commercial banks – and grow their business even more,” Dr Singh re-emphasised.
Additionally, Minister Rodrigues, under whose portfolio the bank falls, noted that the Bank can help to develop, in addition to traditional, new and emerging sectors of the economy.
“We may see new scenarios and people coming up with new proposals that they won’t ordinarily take to a commercial bank but there is great value in that idea,” Minister Rodrigues said as she urged the bank to be innovative as well in consideration of prospective applicants who may have proposals outside of the norm.
In addressing the new board members, Minister Ally outlined the Government’s aim to allow more people from across the country with brilliant ideas to be able to capitalise on them.
“My Ministry will always be there to ensure efficiency in implementation,” Minister Ally said as he referenced Government’s digitisation policy and the fact that the new bank includes the active website that allows persons to submit their applications and proposals.