Guyana Development Bank: Aggressive outreach coming to guide SMEs on US$100M funding access

The Guyanese Government will soon be embarking on a public education campaign to enlighten citizens on accessing funding from the US$100 million Development Bank, which will provide low-risk loans to small and medium-sized businesses.
This is according to President Dr Irfaan Ali during an interview with reporters on the side-lines of an event on Wednesday.
“We are going to, next week, launch an aggressive programme… First, an education programme and a training programme on the development bank and what we are seeking to do with the development bank. We will launch what we call the modelling exercise to look at the ideas, to look at projects. So, by the end of next week, we’ll be ready to do that,” he noted.
The highly anticipated development bank will provide collateral-free and interest-free loans to small and medium-sized enterprises (SMEs), especially those led by vulnerable groups such as women, youth, and persons living with disabilities. These loans will be paired with mentoring, training, and financial literacy support.
The aim of this state-backed institution is to empower local entrepreneurs, stimulate innovation, and dismantle long-standing barriers to financing.
Already, the Guyanese Government has allocated an initial US$100 million in Budget 2026 to launch the Guyana Development Bank this year. This sum is part of a US$200 million capital pledge from the Government and is one of the key commitments made by the ruling People’s Progressive Party/Civic (PPP/C) in its 2025 elections manifesto.
The Development Bank is expected to serve as an alternative financing option for those entrepreneurs who may not qualify for traditional loans from commercial banks, thus empowering more Guyanese to take advantage of national economic opportunities.
Currently, the Government through the Attorney General’s Chambers is working on the legislation for the operationalisation of the development bank. When launched, however, the bank will offer collateral free, interest free loans of up to $3 million, with the possibility of an additional $7 million in financing from commercial banking institutions at preferential rates.
President Ali had previously stated that along with the development bank, there will also be a special incentive regime introduced to encourage commercial banks to increase lending to SMEs, similar to incentives used in the housing sector. In return, these banks would be required to reduce collateral demands and lower interest rates to below the current four per cent.

Online passport service
Meanwhile, the Government is also moving to make business transactions easier with the introduction of the national payment system.
“We are advancing work on the national payment system with the e-wallet. I know many [commercial] banks are now ready to launch theirs. In the coming days, I think we’ll be launching some from some of the banks. But [for the] entire national system, I’ve given them a time frame of six months [to come on board],” the Guyanese leader said.
These efforts are aligned with the Government’s aggressive digitisation agenda. A major feature of this plan is digitising the various Government services, such as processing passport applications online – something which the Head of State says is being finalised.
“There are a number of things that have to be completed. You know we have Guyanese all over the world. So, right now, if you want a visa for some countries, you have to do these biometrics at an agency. So, they are now completing that relationship. And I would say within a month, we should be closer to that,” Dr Ali indicated to this newspaper during the recent interview.
The introduction of this online application system was announced by the Ministry of Home Affairs over a year ago in February 2025. While applicants are currently required to submit manual applications at passport offices countrywide, the Ministry has said that the integration of an online platform will allow citizens to apply remotely, streamlining the process and reducing wait times.
Nevertheless, the President went on to outline that interventions such as the digitisation of the immigration process at the airports have also significantly enhanced the travel experience.
According to the Guyanese leader, “So, we are moving at great speed with the digitisation. Soon, the technology in healthcare will be celebrated in a way that is unbelievable… So, we are definitely pursuing technology at a speed and scale that would allow the country to propel itself among its competitors.”