Entrepreneurs urged to capitalise on growing economy by starting, expanding businesses

– as Govt pledges investor-friendly policies to drive jobs, income

The Government aims to sustain an environment that promotes economic growth, increases employment and boosts incomes, which will, in turn, allow people to access a broader variety of goods and services of higher quality, according to Finance Minister Dr Ashni Singh. This was the assurance given while delivering the keynote address on Friday on behalf of President Irfaan Ali at Pegasus as the Institute of Private Enterprise Development (IPED) celebrated its 40th anniversary under the theme “40 Years of Strengthening Enterprises, Transforming Lives and Supporting National Development”.
Dr Singh reiterated that the Government is committed to ensuring policies remain favourable, supportive and appealing to both citizens and investors while urging entrepreneurs and other attendees to “respond to this environment and seize the opportunities being created.”

Alluding to the Government’s continued economic policies, including creating a favourable environment for investment and businesses to grow, the Minister touched on President Ali’s initiative of a Guyana Development Bank (GDB) through which the Government will be providing loans of up to GUY$3 million with no interest and no collateral requirement.
“And just to be clear, this is not intended to displace or compete with the banking sector or micro-enterprise entities like IPED. Our vision is that this seed capital that we’ll be providing through the Development Bank will see the leveraging of additional resources through institutions like IPED,” he pointed out.
Moreover, Dr Singh recalled when IPED was established in 1986 and its journey since then, which he likened to Guyana’s economic journey. He also took the opportunity to reflect on the enduring legacy of the entity’s late founder, Dr Yesu Persaud, as he recalled the country’s economic position at the time, further urging young students and other attendees at the forum to ensure they make use of every business opportunity that comes their way.

“Establish a business if you haven’t yet established one,” the Minister urged students, adding, “and grow your business if you have already established your small business to see it become a medium-sized business and ultimately a large business. This is the intention of institutions like IPED. This was and remains the vision of Dr Yesu Persaud, who founded this remarkable institution 40 years ago,” he further emphasised.
In 1986 (its founding year), IPED granted 25 loans. By 1996, a mere 10 years later, IPED had granted 10,016 loans. Over its forty years of service, IPED has disbursed more than 147,000 microcredit loans. Consider that number for a moment. We are in a country that has just passed a population of one million. Consider for a moment that IPED is a small entity and has granted nearly 150,000 microcredit loans valued at over $64 billion. IPED’s work is spread over 700 villages in Guyana,” Dr Singh explained. He further related that in 2020, the total value of loans approved was $2.9 billion, while in 2025, the total value of loans was $5.7 billion – doubling over a five-year period.

“Anybody who has doubled their business over this period has done remarkably well, and IPED must be commended,” he said, adding that the entity has since reduced its interest rate by half. Meanwhile, Chairman of IPED Komal Samaroo reflected on the steps taken years ago when IPED was conceptualised during the period of mostly state-controlled institutions.
“It is very difficult to describe and give you the feeling of what it was to live in an economy where everything was state-controlled, where every import had to be licensed, and where I spent hours sitting at the governor’s office at the central bank to get a release of foreign exchange. We had to go to the Knowledge Sharing Institute to queue up to get groceries. That was what life was like in the 1970s,” Samaroo related.
“And so today, in an economy that is the fastest-growing in the world, an economy that is liquid from revenue generated from oil and gas, it is very difficult to conceptualise what life was then. So, I just want to give a flavour of the context within which IPED was born,” he explained further. He also urged young entrepreneurs to take the opportunities provided to grow their businesses and ensure they are committed to the task.
“Growing a business requires discipline, determination and vision,” he added.
It was only in January this year that a US$5 million loan agreement was signed at the Finance Ministry and overseen by the Finance Minister between the Inter-American Development Bank’s (IDB) country representative, Lorena Solórzano-Salazar, and the chief executive officer (CEO) of IPED, Jagdesh Haripershad, which adds to the numerous support initiatives in partnership with the Government that will allow micro and small enterprises (MSEs) in Guyana to receive further financial support through IPED. That loan injection to IPED will assist the entity in further supporting women, youth and rural entrepreneurs and will also help IPED in diversifying the sources from which it receives funding.
During the 40-year celebration of IPED, in addition to paying homage to its late founder, Dr Yesu Persaud, there was also a display of some of Dr Persaud’s life work and legacy, which included his vision for IPED and assistance to young Guyanese entrepreneurs. IPED also displayed testimonials from young entrepreneurs who benefited from the agency’s assistance and guidance, allowing them to grow and expand their small businesses.