Preferential interest rates for agricultural loans could be announced this week, as the Government continues negotiations with commercial banks to make financing more affordable for farmers seeking to expand into medium- and large-scale production.
This was revealed by the Head of State, Dr Irfaan Ali during the opening ceremony of the Agriculture Ministry’s Farmers’ Conference on Monday, held as part of activities for Agriculture Month 2026.
Addressing farmers at the Arthur Chung Conference Centre (ACCC), Liliendaal, Greater Georgetown, the President stated that the initiative is aimed at ensuring that those seeking to venture into medium- and large-scale agricultural production can access loans at affordable rates, similar to the incentives offered for low-income housing.
He also disclosed that Republic Bank has already committed to setting aside resources for agricultural loans at preferential interest rates, with negotiations ongoing to determine the rate.
“Here’s some other exciting news that will come in the course of this week. We have brought all of the commercial banks together, and we are currently negotiating with them to offer the same type of incentive that we offer for low-income housing to the banks for loans to agriculture, so that those who want to go into more medium- and large-scale production can get those loans at affordable rates,” Ali said.
To applause from the crowd that was present, the President added that this was part of a multi-pronged approach aimed at bringing together multiple agencies and stakeholders to address the challenges faced by farmers and ultimately improve the agricultural sector.
“And let me tell you, already we have the commitment from Republic Bank that they’re going to set aside resources for agricultural loans at a preferential rate, and we’re negotiating that rate, which I hope can be announced even before the end of the conference at the end of this week. And already, Demerara Bank is offering poultry loans at five per cent. We’re now negotiating to even bring that lower through these incentives that we’re going to offer,” he said.
Addressing farmers at the Arthur Chung Conference Centre (ACCC), Liliendaal, Greater Georgetown, the President stated that the initiative is aimed at ensuring that those seeking to venture into medium- and large-scale agricultural production can access loans at affordable rates, similar to the incentives offered for low-income housing.
He also disclosed that Republic Bank has already committed to setting aside resources for agricultural loans at preferential interest rates, with negotiations ongoing to determine the rate.
“Here’s some other exciting news that will come in the course of this week. We have brought all of the commercial banks together, and we are currently negotiating with them to offer the same type of incentive that we offer for low-income housing to the banks for loans to agriculture, so that those who want to go into more medium- and large-scale production can get those loans at affordable rates,” Ali said.
To applause from the crowd that was present, the President added that this was part of a multi-pronged approach aimed at bringing together multiple agencies and stakeholders to address the challenges faced by farmers and ultimately improve the agricultural sector.
“And let me tell you, already we have the commitment from Republic Bank that they’re going to set aside resources for agricultural loans at a preferential rate, and we’re negotiating that rate, which I hope can be announced even before the end of the conference at the end of this week. And already, Demerara Bank is offering poultry loans at five per cent. We’re now negotiating to even bring that lower through these incentives that we’re going to offer,” he said.
Best possible benefits
According to the President, the measures being implemented by the Government are directly aimed at supporting farmers and ensuring they receive the best possible benefits.
“That is what we do every single day for farmers. We work hard. We try to bring the Private Sector along. We include the financial sector, so that we can tackle the challenges farmers face in a multidimensional way,” he said.
Comparing the current situation with that of 2020, the President noted that large farmers and producers were scaling back their investments, while many medium-sized operators, particularly in the rice and poultry industries, were leaving the sector.
According to the President, the measures being implemented by the Government are directly aimed at supporting farmers and ensuring they receive the best possible benefits.
“That is what we do every single day for farmers. We work hard. We try to bring the Private Sector along. We include the financial sector, so that we can tackle the challenges farmers face in a multidimensional way,” he said.
Comparing the current situation with that of 2020, the President noted that large farmers and producers were scaling back their investments, while many medium-sized operators, particularly in the rice and poultry industries, were leaving the sector.
He said production has since recovered, with young people now forming consortiums to invest in poultry and other agricultural businesses.
Demerara Bank already offers poultry loans at five per cent. The President said the Government was working to bring those loans under the new incentive arrangement as well.
Meanwhile, Ali also pointed to the International Monetary Fund (IMF) latest report on Guyana, which found that agriculture has grown by an average of 10 per cent annually since 2022 and now accounts for six per cent of the country’s Gross Domestic Product (GDP), or one-fifth of non-oil GDP.
“The IMF report has stated that food represents one-third of Guyana’s consumer price basket. So, every time the consumer looks in their basket of goods, they see the farmer, food production, and what the farmer produces. They see the investment that we make in agriculture because one-third of that consumer basket is represented by food,” the President said.
He also highlighted other major improvements in the agriculture sector from 2020 to date.
Demerara Bank already offers poultry loans at five per cent. The President said the Government was working to bring those loans under the new incentive arrangement as well.
Meanwhile, Ali also pointed to the International Monetary Fund (IMF) latest report on Guyana, which found that agriculture has grown by an average of 10 per cent annually since 2022 and now accounts for six per cent of the country’s Gross Domestic Product (GDP), or one-fifth of non-oil GDP.
“The IMF report has stated that food represents one-third of Guyana’s consumer price basket. So, every time the consumer looks in their basket of goods, they see the farmer, food production, and what the farmer produces. They see the investment that we make in agriculture because one-third of that consumer basket is represented by food,” the President said.
He also highlighted other major improvements in the agriculture sector from 2020 to date.
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Preferential interest rates for agricultural loans could be announced this week, as the Government continues negotiations with commercial banks to make financing more affordable for farmers seeking to expand into medium- and large-scale production.This was revealed by the Head of State, Dr Irfaan Ali during the opening ceremony of the Agriculture Ministry’s Farmers’ Conference on Monday, held as part of activities for Agriculture Month 2026.
Addressing farmers at the Arthur Chung Conference Centre (ACCC), Liliendaal, Greater Georgetown, the President stated that the initiative is aimed at ensuring that those seeking to venture into medium- and large-scale agricultural production can access loans at affordable rates, similar to the incentives offered for low-income housing.
He also disclosed that Republic Bank has already committed to setting aside resources for agricultural loans at preferential interest rates, with negotiations ongoing to determine the rate.
“Here’s some other exciting news that will come in the course of this week. We have brought all of the commercial banks together, and we are currently negotiating with them to offer the same type of incentive that we offer for low-income housing to the banks for loans to agriculture, so that those who want to go into more medium- and large-scale production can get those loans at affordable rates,” Ali said.
To applause from the crowd that was present, the President added that this was part of a multi-pronged approach aimed at bringing together multiple agencies and stakeholders to address the challenges faced by farmers and ultimately improve the agricultural sector.
“And let me tell you, already we have the commitment from Republic Bank that they’re going to set aside resources for agricultural loans at a preferential rate, and we’re negotiating that rate, which I hope can be announced even before the end of the conference at the end of this week. And already, Demerara Bank is offering poultry loans at five per cent. We’re now negotiating to even bring that lower through these incentives that we’re going to offer,” he said.Best possible benefits
According to the President, the measures being implemented by the Government are directly aimed at supporting farmers and ensuring they receive the best possible benefits.
“That is what we do every single day for farmers. We work hard. We try to bring the Private Sector along. We include the financial sector, so that we can tackle the challenges farmers face in a multidimensional way,” he said.
Comparing the current situation with that of 2020, the President noted that large farmers and producers were scaling back their investments, while many medium-sized operators, particularly in the rice and poultry industries, were leaving the sector.He said production has since recovered, with young people now forming consortiums to invest in poultry and other agricultural businesses.
Demerara Bank already offers poultry loans at five per cent. The President said the Government was working to bring those loans under the new incentive arrangement as well.
Meanwhile, Ali also pointed to the International Monetary Fund (IMF) latest report on Guyana, which found that agriculture has grown by an average of 10 per cent annually since 2022 and now accounts for six per cent of the country’s Gross Domestic Product (GDP), or one-fifth of non-oil GDP.
“The IMF report has stated that food represents one-third of Guyana’s consumer price basket. So, every time the consumer looks in their basket of goods, they see the farmer, food production, and what the farmer produces. They see the investment that we make in agriculture because one-third of that consumer basket is represented by food,” the President said.
He also highlighted other major improvements in the agriculture sector from 2020 to date.Discover more from Guyana Times
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Source: Guyana Times
