The Guyana Development Bank (GDB) has its inaugural Board of Directors, clearing the way for the institution to begin offering zero-interest, zero-collateral loans of up to $3 million to small and medium-sized enterprises.

Chaired by Abu Zaman, with Kathy Smith as Deputy Chairperson, the seven-member board took office today, the same day the Guyana Development Bank Act 2026 came into operation. Members will serve an initial term ending December 31, 2027.

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, said speed of service will be the bank’s measure of success.

“As the bank opens its doors, our overriding objective is efficiency. We want the bank to accept and process viable applications in the shortest possible time, making the entire process as simple and free of bureaucracy as we possibly can,” Dr Singh said.

Zaman brings more than a decade of senior leadership in retail and small business banking. He is Chief Administrative Officer of ENet, Chairman of the Small Business Council, and Chairman of the Public Accountability and Oversight Committee of the Natural Resource Fund.

Smith, the first woman President of the Georgetown Chamber of Commerce and Industry (GCCI), is also Vice Chairperson of the Private Sector Commission (PSC) and chairs the Board of Industrial Training (BIT).

The board’s directors are Attorney-at-Law and Member of Parliament James Bond; Finance Secretary Sukrishnalall Pasha; Caribbean Airlines Sales Executive for Guyana and Suriname Dion Inniss; governance reform strategist and Competition and Consumer Affairs Commissioner Nalinie Singh; and SME developer and member of the President’s Youth Advisory Council Dr Praem Rambharak.

The bank was a key commitment in the People’s Progressive Party/Civic (PPP/C) Administration’s 2025 Manifesto.

Budget 2026 provided an initial capital injection of $20 billion, the first tranche of the bank’s $40 billion authorised share capital. The Bill was passed in the National Assembly on July 27 and assented to on July 30, and the Commencement Order was signed on September 16, designating October 5 as the operational date.

Apart from financing, the bank is designed to provide mentorship, business planning support and technical guidance, with a mobile platform to reach riverain, hinterland and urban communities.

President Dr Mohamed Irfaan Ali said the institution will open financing to Guyanese who have long been shut out.

“This is not a grant, this is your opportunity to earn, your opportunity to build your credit, and your pathway to participate in our national expansion,” the president said.